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Your Questions About Va Home Loan Certificate

Carol asks…

I have a va home loan certificate for the amount of 30,000. Does the certificate serve as a down payment?

I am looking to purchase a home, and i am unclear about the certificate i recieved from the Veterans office. Is the certificate for a down payment. How do i go about using the certificate. And what is the max on a VA home loan

Admin answers:

Go to the Veterans Affairs website and enter your information it will give you the maximum loan amount. You normally do not need a down payment with a VA home loan. Are you currently working with a VA Rep on this and if so what have they told you about your situation? What does the VA certificate say exactly? Sounds like from what you have said – that VA Certificate would be your eligibility certificate. So when you are ready you bring that with you to the Bank or Mortgage Co. To get started with buying a home. A word of warning – VA can be very picky when they send in their experts to inspect the home you are bidding for. Expect that the older the home is – the longer the entire process is and it can be a big pain for both buyer and seller. Meaning if their inspectors (electrical, plumbing, etc.) see any possible needed repairs expect VA to demand those repairs be fixed before the deal goes through! Good luck!

Paul asks…

How do I find out if the VA Home Loan Certificate that I received in 1997 is still valid?

I applied and was approved for a VA Home Loan Certificate in 1997. I never used it and need to find out if it is still valid. I am still on Active Duty orders.
So basicly just request a new one then?

Admin answers:

Its usually only good for a few months but now any veteran can go get one the same day our request one by mail. Then just find a lender that will take it. If you are getting ready to apply for a mortgage, let us know, and we can refer you to VA lenders who will get your COE for free of charge. Too easy…

Donald asks…

what is the best way to use my VA home loan certificate?

My husband is a veteran of the US ARMY. He is just ended his caree with the armed forces after 10 yrs so that we can have a family. We have a question about our VA home loan certificate. Does anyone in the realestate market know the best way to use this certificate. It is for what I believe $36.000 “not to exceed 144.000” what does that mean? I dont understand how it works really. we really never accpected that we would need to use this certificate. any suggestions would greatly be apreciated.
we thank you.. Mr&Mrs. Kyle P. Walker

Admin answers:

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum VA loan but lenders will generally limit VA loans to $417,000. This is because lenders sell VA loans in the secondary market, which currently places a $417,000 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no downpayment financing. A veteran’s basic entitlement is $36,000 (or up to $104,250 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran’s available entitlement without a downpayment, provided the veteran is income and credit qualified and the property appraises for the asking price.

Nancy asks…

How can I use my VA home loan Certificate with bad credit and my wife has good credit?

We found a great deal on a great dream home. My wife has been pre-approved for a 150k home. The home we are attempting to buy has been countered at 165k We are prepared to put down 6k. That leaves a 9k gap.I am a veteran and would like to use my VA garantee on the loan if possible to either cover this gap or get 100% financing.

Admin answers:

Sometimes it makes sense to spend a little time up front getting your credit straightened out and then getting a nice easy loan. People don’t always want to hear that becasue they go shopping before they’re ready. We can refer you to profession credit repair specialists who can help you have a squeaky clean credit report in 90 days or so. Then we can refer you to one of our preferred lenders who will be able to get you the best terms available in the marketplace.

Sandra asks…

does any one know if u need perfect credit for a va certificate home loan?

Admin answers:

Perfect- No, Solid Yes. See the above answer. It pays to get your credit in order prior to getting a VA loan

Your Questions About Va Home Loan Requirements

Sandra asks…

what is the income and credit requirement for a VA home loan of $350,000. ?

I had filed for chapter 13 in 07 for medical reasons, but the case was dismissed. Where do I go from here. My credit score is only now 550. My income is $80,000.

Admin answers:

First you’ll need to get your credit scores on the mend. For credit repair, you can do it yourself by reading up on it at . If you would rather hire a professional credit repair, we can refer you to a reputable firm that can help you clear your credit up in about 90 days. In the meantime, you will also want to start re-building your credit with secured credit cards. One or two should be sufficient to get started, but make sure that the card(s) you get report to the credit bureaus as unsecured revolving credit cards.

Lizzie asks…

How Do I Qualify For A VA Home Loan?

Of course I know that you had to have served in the Armed Forces but are there any other requirements that you would need in order to qualify?

Admin answers:

A copy of DD-214 (the one where they say, “sign this and you’re a civilian!”) or whatever it is that certifies eligible active service . Honorable or General discharge are required if you’re out, not undesirable (or worse). If you’ve got 10% or greater disability, VA funding fees are waived. You can have more than one VA loan going, but the aggregate limit is $417,000 or less (current conforming loan limit- which can vary by state or county). The VA loan is unique in its ability to roll up to 3% closing costs into the loan, making things like “$1 down payment” possible.

Daniel asks…

VA streamline refinance home loan question.?

I have looked for info and keep seeing different things. My biggest question is, is there a credit check? I have seen yes, and no. I have seen the other requirements for it. I have had a chapter 13 bankruptcy a year ago, so my credit is bad, but getting better. I have been in my home (va loan) for 8 years, and have never did a refi or anything.

Admin answers:

VA streamlined mortgage refinance would look at your credit report to see if there are things that would disqualify you for the mortgage loan you would apply for. Even though the VA seldom use the credit scores for evaluation they are indeed looked at.

You might still refinance your current mortgage, you would need to contact a VA mortgage lender, explain to them you would want a mortgage only refinance. This type mortgage would cause the lender to place more weight on the mortgage payments you have payed each month in the past two years. You may even have 1 or 2 30 day late payments.

If you have not missed a payment in 2 years you would have more weight the longer you have gone without missing a mortgage payment.

I hope this has been of some benefit to you, good luck.


Jenny asks…

for anyone who knows about VA requirements.?

I have pretty much abandoned my hopes and dreams of reenlisting, which I really want to do, for the time being. I will continue at a later date. I do however plan to get married within the next year and I want to buy a home. I am wondering if I qualify for a VA home loan. I have done some research online and I do meet the minimum requirements for a VA home loan but I wonder if there is anything that is going to halt the process. Can anyone help me out with some information?
*I served in the USCG
*I have exactly 184 days of active duty (only 181 required during peace time)
*I was enlisted (literally) right before 9/11 occurred (so I am not sure if this qualifies for “war time”)
because we never declared war on a country.

Admin answers:


Gulf War – Service during period 8/2/1990 to date yet to be determined

If you served on active duty during the Gulf War, you must have:

  • Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
  • Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
  • Been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

Donna asks…

For VA home loans do the sellers have to pay some closings costs?

Is it is VA requirement that the seller has to pay some of the costs? If so what are they? If you had a guess the percentage what would you guess it would be of the total sales price?


Admin answers:

The sellers do not have to pay your closing costs, however they are permitted to contribute up to 6% if they wish. Just like with any loan however, the seller will have their own closing cost to pay (non-allowables that the veteran cannot pay). These include things like processing fees, loan origination, admin, doc fees, commission, termite inspection, etc. The seller however is not required to pay fees that will exceed 1% of the purchase price. Hope this helps

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Your Questions About Va Home Mortgages

Maria asks…

What are VA home mortgage rates? Are these rates set by the VA or can a mortgage co. charge higher rates.?

My son has apply for a VA home mortgage through lending tree.The mortgage co. is Mortgage Now. The VA website has a interest rate listed at 5.000%, for VA loans, but the interest rate charged by Mortgage Now is 5.875. Can the Mortgage Co. charge a higher interest. The good faith estimate had 5.8, they were told that was just an estimate and that would be the most they would be charged. They are to close soon and the closing settlement charges have the interest rate @5.875. Can they charge a high rate than the VA has on their site.

Admin answers:

Yes, they can. The Veterans Administration does not actually make loans. They act as an insurance company. The money comes from the bank but the loan has an insurance policy in the form of the VA funding fee you pay to obtain the loan. This funding fee covers the insurance for the bank with the VA and insures that in the event of a default by your son, the bank will be able to get most of their money back. This insurance is what makes the loan a VA loan. Without it, the loan is considered a conventional loan and your mortgage company would then obtain the insurance through a private mortgage insurance company (PMI).

Consequently, the rate charged by the institution is at their discretion. However it must be within reason or the VA may not allow them to continue making VA loans. 5.875 is somewhat high right now for a typical VA loan. I would question this with the lender. There may be a reason for this, but without reviewing your file, I have no idea on what that may be.

Michael asks…

Do you know anything about VA home loans?

Seven years ago, a family member bought a condo with a VA home loan. The mortgage company sold the account to Fleet who stopped sending bills or coupons for payments. Essentially, they screwed my family member and after two late payments (it took 18 days to process because there was no payment coupon included) they started foreclosure procedures. Really bad company to do business with. She had no choice but to file bankruptcy. They foreclosed on her in less then two months and the condo sat vacant for over a year and a half. No one helped her and the mortgage company even hung up on me when I called them. Can she qualify for a VA home loan again?

Admin answers:

I am so sorry to hear this kind of thing happening to our veterans that served our country. It is horrible and I am very sad for you. I reviewed the guidelines and according to the VA regulations regarding entitlements for home loans it does not appear that your family member would be able to get another VA home loan. It would be a good idea to contact the Veterans Administration directly and inquire about obtaining another “certificate of eligibility”, especially if there is no outstanding deficit judgment. Hope this helps!
FYI: if veterans have financial problems they can call the VA for help prior to the act of foreclosure or bankruptcy.

Nancy asks…

VA home loans vs. other mortgages?

How is a VA loan different than an FHA loan, in terms of interest rates and how the property is appraised? Do they have the same standards, or is one more lenient than another? Which one would be the best bet for a mortgage? Thanks in advance.

Admin answers:

Rates are always the same and the appraisal is done by either a certified FHA or VA appraiser, but the valuation calculation is done the same way.

If you can get a VA mortgage, get a VA.

VA is better than an FHA b/c you don’t pay PMI with a VA or a down payment.

Robert asks…

Where to get a VA Home loan mortgage for low income but good credit, catch 22, MINNESOTA?

I just got out of the military last year and am looking to buy a home w/ a VA home loan. I’m in college full time and working for the federal gov’t part time. Because I only work part time my income APPEARS to be very low right now temporarily while I am in college. I have a rather high credit score of 724, but here is the cautch 22. I figure in order to get approved I would have to show a higher income such as adding my wife to the mortgage. But she has very bad credit score. So what do I do? I have the good credit score but temporarily not enough income, she would add to the income but lower the credit score. The funny thing is, the homes we are looking at we could afford easily with our eyes closed no problem. We have been paying nearly $1500 a month rent for the past year on time perfectly and I never miss a payment on anything but do lenders ever look at that kind of thing, perfect rent payment history?
Any advice? Any suggested VA mortgage lenders in MINNESOTA?

Admin answers:

It really depends on your wife’s credit score. With FHA if she has over a 620, normally that’s not an issue.

Donald asks…

Reselling a home that was purchased under the VA home loan?

My husband and I recently purchased a house with a VA mortgage. We need to know how long we have to wait until we can put it back on the market. Please anybody who could help let me know.
The main reason I’m asking because I know that they require you live in the house for the first year before you rent it out.

Admin answers:

You can sell your house anytime you want to. VA is just a mortgage financial agency to help veterans buy a home. No strings attached.

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Your Questions About Eligible Veteran

Mary asks…

If I am the dependent of a veteran, am I eligible for work study?

I need a job and all this FAFSA, work study, veterans stuff gets confusing

Admin answers:

Only your school will be able to tell you if you qualify for work study. You get it based on being poor, not your dads veteran status. No where on the fafsa does is ask (because it doesn’t matter) about HIS veteran status.

Don’t let it confuse you. Unless YOU are a veteran, it doesn’t matter.

Ken asks…

Where do I find what grants I am eligible for as a Veteran, army spouse of deployed soldier ?

Internet sites, books, lectures anything.

Admin answers:

You can go to the Catalog of Federal Domestic Assistance (CFDA) and – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes. Once you find a grant where you can qualify, apply for it at

Even if you buy books on “how to get grants” or list that supposedly has information on grants — all of them are mere rehash of what CFDA has, albeit packaged differently.

Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. Minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs.

And of course, look around here at for information on Military Housing Assistance.

Susan asks…

I am Army Reserves veteran, am I eligible to get a military id?

I was in the Army Reserves, served my time and was discharged after 8 years of service. I was wondering if I am eligible for any benefits and if I can get a military id. I have a PX near me and I would like to be able to shop there. Thanks for any info you have!

Admin answers:

The only benefits you are eligible for is VA venefits. One of the postings mention medical, this is not medical care at a on-base facility, it would be at a VA hospital. There may be specific requirements even so to receive that care. The most used VA benefits would be education. Your best bet is to contact the VA. If you were a resident of a specific state the entire time you served, you may be eligible for benefits there. For example, military veterans during certain timeframes are eligible to go to any state school in Massachusetts, however you must have been a resident there during your service. You cannot just move there to take advantage of the program. Just google for the VA and contact an advisor there.
One thing to note, if you are currently in the IRRRL program, where you are still eligible for call-up (you should know if you are), you do receive some benefits, like being able to stay at base lodging. I have only seen one person ever using these benefits in my career. It was an individual listed on their ID as a 2LT with an indefinite red reserve ID card. They had it for at least ten years (was the ID card that was phased out about 1994), and she did not look like she would be even able to serve if she was called up.

Helen asks…

My mother was married to a veteran from the navy, he died, is she eligible for widows pension?

She can still get from tri care for health health insurance because of him through the military. What is the deal. It is taking forever.

Admin answers:

Unless he was a RETIREE and elected to enroll in SBP then upon his death all payments cease.

Joseph asks…

Is an Army Reserve veteran eligible for an AKO account?

I was enlisted in the Army Reserve and National Guard from 1990-1999. Honorably discharged. Am I eligible for an AKO account?

Admin answers:

Not according to the AKO webpage.

Only Active Duty, national guard, reserve, civilian and retired personelle may register.

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Your Questions About Va Home Loan Certificate

Mandy asks…

Va Home Loan Question?

My Father just received his Certificate of Eligibility for a VA home loan. Does this guarantee him the loan? What are the next steps? Also, his credit is below average, can he use me as a cosignee if I have an above average credit score? We’re hoping to get our first house this year and take advantage of the new home buyers tax credit.

Admin answers:

No, the bank makes the loan. VA makes it possible that you don’t need a down payment (or very little) and possibly the seller can pay closing costs if written as part of the bid. There is also the VA funding fee (which can be financed)- your father will be exempt if he is receiving compensation for a service connected disability.


These FAQ’s should help.

I’m not sure about cosigning, but the loan can be put into both your names.

Sandy asks…

VA Home Loan question?

I have the Certificate of Eligibility from the VA home loan office. My credit score is roughly 670. The only debt I have is on my truck which is like $11k. I will make around $60k this year. The thing is I checked my credit score and I have 20 inquires from when I was car shopping… I would like to know what my chances are for being approved for a $65000 home loan. I dont want to go to to the bank and be declined and have another inquiry on my credit report. Any info would be helpful. Thanks.

Admin answers:

John –
You should have no problem, even with the car inquiries. A mortgage inquiry will not hurt your credit score. Ask us for referrals (in the form to the left) to a good mortgage lender and go make the application.

Ruth asks…

Whats type of home loan is easier to get?

We did receive a certificate of eligibility from the VA for a home loan but, as we attempt to maneuver through the process of getting a home loan it seems more & more that no one likes to deal with VA loans.. Should we try to get a loan somewhere else instead of using the VA? We live in Washington state if that helps..

Admin answers:

The typical obstacle with the VA loan is the appraisal/inspection. I know it says that VA does not require an inspection, but the VA appraisal is an inspection too. Some sellers do not want to deal with all the picky stuff that VA/FHA want to make a home qualify, and some of it is a bit picky. It is hard to beat the VA deal, stick it out there and get yourself a great house.

Helen asks…

how does a VA Home loan work?

My husband and I got our certificate in the mail and it says they gave us $36,000 but not sure what they mean by that… can anyone explain? thanks.

Admin answers:

That is the amount of your entitlement. The maximum entitlement for VA loans up to $144,000 is $36,000. It is the amount the VA promises will be paid to the lender if you default on your loan.

Daniel asks…

Anyone know anything about VA home loans?

My husband just got 70% disability from the VA and the paper work said that we qualified for a VA home loan. We are in desperate need of a new home, because ours is falling apart and is a major health hazard. But when we started looking for banks that did VA loans we were shocked at everything we were finding out. Not one of those banks said the same thing about VA loans. We are very confused right now. Then we went to the VA website and did some research but it only listed the basic stuff of the loan. We have already gotten our certificate of eligibility from the VA but we are at a road block about finding a bank to fund it. Some banks told us that we had to have a credit score of at least 620 to get a VA loan and others told us that a VA loan requires that same things as a FHA loan. Please can someone give me some straight answers so that I can get my family in a better and safer home.
To G C, My husband bought this home about 6 years ago because it was a cheap buy and he paid it in cash. it was built in the 1960’s and is only a small 2 bedroom and there is 4 of us. In order to get this house up to code we would have to rip it down and rebuild it from the ground up. My husband only paid $12,000 for the house and land with cash. At the time he was single. But now our family has grown and we need a bigger house and a safer home, one that is not in a dangerous nieghborhood. I am currently attending college full time to make a better life for us so we will have no problem affording a house payment.

Admin answers:

First I would like to thank you husband for his service. You can finance 100% there is a fee but that is rolled into your mortgage, rates are representative of what is out there, and no you do not have to carry PMI insurance. Yes not all banks and or realtors will deal with it, if you fill out the form to the left, we will refer you to a pre-screened VA lender. First you will need your eligibility statement and the usual paperwork as in income for 2 years, credit check etc. (You will have to be in the 620 range or above) You will also need some good faith money (which is returned at closing) and closing costs, if you cannot get the seller to pay, you will also need to pay for 1 years insurance on the property, have an inspection, pest inspection and appraisal done, these costs are yours. No pealing paint, furnace plumbing and electric in working order basically the home is in move in condition. You also have need to meet the income to debt ratio which is no different than any other mortgage.

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