DD 214 forms are required of veterans when applying for a VA mortgage loan, and, unfortunately, are commonly misplaced over time. The good news is that losing or misplacing it is an easily remedied problem!
The short answer to the question “How many VA loans can I have?” is that there isn’t a limit on the amount of times eligible veterans are allowed to utilize the VA loan program.
In the majority of cases, VA loans do not allow for money back at closing to cover home repairs. The one exception to this rule is in the case of energy-efficient home improvements.
The amount of time it takes for a VA mortgage approval varies depending on the amount of volume the lender has at that moment.
First and foremost, the VA does not require a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for VA loan requirements.
When an eligible current or ex-servicemember needs to purchase a home for their own personal use, they can obtain a VA Guaranteed loan from a bank, mortgage lender, or savings & loan company, depending on the circumstances.
A VA loan pre-approval letter is a document granted by a VA mortgage lender that states that based on preliminary information such as the potential borrower’s credit, assets, and income, that they qualify for a VA loan of a specified amount.
When veterans apply for a VA loan they are required to provide a Statement of Service letter, otherwise known as a SOS. A Statement of Service is a document which verifies that you are either an active military member, or are retired with at least 6 years of active service prior to retirement or discharge.
If you’re looking at buying the home of your dreams – and the price reflects it – then a VA jumbo loan may very well be the best option for your mortgage.
The VA Funding Fee is a fee that is required in order to receive a VA loan.