{"id":47896,"date":"2018-05-09T16:15:38","date_gmt":"2018-05-09T16:15:38","guid":{"rendered":"https:\/\/one.sightlinemg.com\/militarytimes\/native\/uncategorized\/9-facts-you-should-know-about-va-mortgages\/"},"modified":"2026-08-08T05:51:26","modified_gmt":"2026-08-08T05:51:26","slug":"9-facts-you-should-know-about-va-mortgages","status":"publish","type":"native","link":"https:\/\/one.sightlinemg.com\/militarytimes\/native\/penfed\/9-facts-you-should-know-about-va-mortgages\/","title":{"rendered":"9 facts you should know about VA mortgages"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Purchasing a home can be a complicated process, especially for first-time buyers who are just learning the ropes. But one thing that doesn\u2019t have to be overly complicated is a VA mortgage loan. Designed for veterans, these mortgages can be a great deal\u2014especially for buyers who are struggling to save for a down payment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">VA mortgage loans have certain eligibility criteria that must be met along with program specific forms to complete prior to applying for a VA mortgage. So that you can confidently prepare yourself for the process ahead and decide if a VA mortgage is right for you, let\u2019s walk through several of the most commonly asked questions and facts you might not know about the program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>1. WHAT IS A VA MORTGAGE LOAN?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.va.gov\/\">U.S. Department of Veterans Affairs (VA)<\/a> makes it easier for veterans and current members of the military to afford a home. Requiring no down payment and no private mortgage insurance, these loans can cut both your up-front costs and monthly payment costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>2. HOW IS A VA MORTGAGE LOAN DIFFERENT FROM A TRADITIONAL MORTGAGE?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most traditional mortgages want you to put down a hefty 20 percent down payment. If you cannot afford the down payment, you\u2019ll have to pay <a href=\"https:\/\/www.penfed.org\/learn\/how-to-review-your-credit-score\/?s_cid=24849-_-PG2-_-NONE-_-ntve-_-VTY106-_-txt-_-GT2-_-05222018-_-12312018\">private mortgage insurance (PMI)<\/a> on top of your monthly mortgage payment\u2014an extra fee to ensure your lender gets paid even if you cannot make your payments. But in the case of a VA mortgage loan, your loan is guaranteed by the U.S. government, which means lenders don\u2019t require these standard fees. Additionally, a VA mortgage gives you the <a href=\"https:\/\/iris.custhelp.com\/app\/answers\/detail\/a_id\/1871\/kw\/prepayment%20penalty\">benefit of avoiding prepayment penalties<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>3. WHO IS ELIGIBLE FOR A VA MORTGAGE LOAN?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many current and former members of the military\u2014including reservists and National Guard members\u2014are eligible to apply for a VA mortgage loan. In certain conditions, surviving spouses may also be eligible. You will need to meet specific service requirements\u2014ranging from 90 days to six years, depending on type of service. <a href=\"http:\/\/www.benefits.va.gov\/HOMELOANS\/purchaseco_eligibility.asp\">Check with the Department of Veterans Affairs for complete eligibility requirements<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re eligible, <a href=\"http:\/\/www.benefits.va.gov\/HOMELOANS\/purchaseco_certificate.asp\">you\u2019ll need to get a Certificate of Eligibility (COE)<\/a>, which confirms your military service, to apply for a VA mortgage loan from a lender. You can apply online, through the mail, or potentially through your lender. If you\u2019re applying through your lender, the electronic system could confirm eligibility within a few minutes\u2014but if you\u2019re applying by mail, be aware the process could take some time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>4. HOW DO YOU GET A VA MORTGAGE LOAN?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other than the need to prove your military service with a COE, the process of applying for a VA mortgage loan is much like the process for applying for a traditional mortgage. Your financial institution will <a href=\"https:\/\/www.penfed.org\/learn\/what-is-escrow\/?s_cid=24850-_-PG2-_-NONE-_-ntve-_-VTY106-_-txt-_-GT2-_-05222018-_-12312018\">review your credit<\/a>\u2014looking to see if you have good credit and the ability to make monthly payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, even if you qualify for a VA mortgage loan, a lender can still decide to turn you down due to poor credit. As with any major loan, <a href=\"https:\/\/www.consumer.ftc.gov\/articles\/0058-credit-repair-how-help-yourself\">it is always best to ensure your credit is in good shape<\/a> before you apply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>5. ARE THERE ANY FEES ASSOCIATED WITH THE VA HOME LOAN PROGRAM?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes. Required by law, the VA Home Loan program does charge an up-front <a href=\"http:\/\/www.benefits.va.gov\/homeloans\/purchaseco_loan_fee.asp\">VA funding fee<\/a>. The fee ranges from 1.25 percent to 3.3 percent depending upon the following conditions:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7 Type of service (reservists and National Guard pay slightly higher rates)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7 How much of a down payment you are able to make (down payments over 10 percent get the lowest rates)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7 Whether this is the first time you\u2019ve used your VA mortgage loan entitlement (subsequent uses pay higher rates)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The VA funding fee can be pretty steep, but it\u2019s much less than you would need for a down payment, and it keeps your monthly payment low because you won\u2019t pay for PMI. Disabled veterans and their surviving spouses are typically exempt from funding fees, making it even easier for them to get into a home. <a href=\"http:\/\/www.benefits.va.gov\/homeloans\/\">Check with the VA<\/a> for full rate details.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>6. ARE THERE ANY ADDITIONAL FEES?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beyond the VA funding fee, you\u2019ll still have the <a href=\"http:\/\/www.benefits.va.gov\/homeloans\/purchaseco_loan_fee.asp\">closing costs<\/a> associated with a traditional mortgage. These fees could potentially include: appraisal, title insurance, credit report, taxes, and discount points.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like any mortgage loan, you\u2019ll pay an interest rate set by the lender, as well as home insurance and taxes\u2014the latter of which may be rolled into your monthly payment and put into an <a href=\"https:\/\/www.penfed.org\/learn\/va-mortgages-vets-right-home\/?s_cid=24851-_-PG2-_-NONE-_-ntve-_-VTY106-_-txt-_-GT2-_-05222018-_-12312018\">escrow account<\/a>. Without the need for a down payment, you\u2019ll pay less up-front, but getting a VA mortgage loan isn\u2019t completely free, even if you qualify to have the funding fee waived.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>7. WHAT TYPES OF PROPERTIES ARE ELIGIBLE FOR FINANCING?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are some restrictions to what you can buy with a VA mortgage loan, but for most homebuyers this should not be a problem. You can use your loan to buy a home (or multi-unit property), build a home, refinance your existing home loan (whether it\u2019s a VA or non-VA loan), or buy a manufactured home.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regardless of the type of home you\u2019re buying, VA mortgage loans are only for your primary residence. You cannot use a VA mortgage loan to buy a vacation home, second home, or investment property. However, if you move into a new home, but intend to keep your VA mortgage loan-purchased property as a rental, you typically can\u2014as long as you don\u2019t do so immediately. Check with your lender to be sure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>8. CAN YOU GET MORE THAN ONE VA MORTGAGE LOAN?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes. However, you must fully pay off one mortgage loan before you can apply for another. Keep in mind that the VA funding fee for subsequent VA mortgage loans will be higher\u2014but it\u2019s still likely to be a good deal for buyers who cannot manage a 20 percent down payment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>9. IS A VA MORTGAGE LOAN A GOOD DEAL?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many borrowers, yes. The combination of no down payment and no PMI makes a <a href=\"https:\/\/www.penfed.org\/mortgage-center\/mortgages\/?s_cid=24852-_-PG9-_-NONE-_-ntve-_-VTY106-_-txt-_-GT2-_-05222018-_-12312018\">VA mortgage loan an appealing way to get into a home<\/a> without big up-front costs. However, it\u2019s not necessarily a good deal for everyone. If you have the savings to make a 20 percent down payment on a house, you wouldn\u2019t need to pay PMI in the first place\u2014and if that\u2019s the case, the VA funding fee is an extra expense. In this case, a traditional mortgage is most likely to be a better buy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before rushing into make a final decision, run the numbers. Take the time to <a href=\"https:\/\/www.penfed.org\/mortgage-center\/mortgages\/15-year-va-fixed-mortgage\/?s_cid=24853-_-PG9-_-995-_-ntve-_-VTY106-_-txt-_-GT2-_-05222018-_-12312018\">compare rates<\/a> and the costs associated with more traditional mortgages versus a VA mortgage with your lender\u2014like PenFed. Then decide which type of mortgage is best for you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>CONSIDER PENFED FOR YOUR FINANCING<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The VA itself does not provide loan financing for mortgages. You will need to borrow directly from your bank or credit union. Check with your financial institution to see whether they offer VA mortgage loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PenFed, for example, offers both <a href=\"https:\/\/www.penfed.org\/mortgage-center\/mortgages\/15-year-va-fixed-mortgage\/?s_cid=38382-_-PG9-_-995-_-ntve-_-VTY106-_-txt-_-GT2-_-03072019-_-12312020\">15-year<\/a> and <a href=\"https:\/\/www.penfed.org\/mortgage-center\/mortgages\/30-year-va-fixed-mortgage\/?s_cid=24854-_-PG9-_-990-_-ntve-_-VTY106-_-txt-_-GT2-_-05222018-_-12312018\">30-year<\/a> VA Fixed Mortgages. With rates from 2.625% APR to 3.375% APR*, PenFed can help get you into a new home at a reasonable cost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Disclosures:<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><i><b>*<\/b><\/i><i>Rates and offers are in effect as of July 20, 2016 for new applications only, for a limited time, and subject to change without notice.<\/i><\/p>\n","protected":false},"author":7,"featured_media":54432,"menu_order":0,"template":"single-native-legacy","meta":{"_acf_changed":false,"_acf":"","_yoast_wpseo_primary_category":"14"},"advertiser":[3516],"class_list":["post-47896","native","type-native","status-publish","has-post-thumbnail","hentry","advertiser-penfed"],"acf":{"subheadline":"","legacy_arc_id":"Q244EEXILJHQPOCXVHSSQFP43Y","arc_canonical_url":"\/native\/penfed\/2018\/05\/09\/9-facts-you-should-know-about-va-mortgages\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>9 facts you should know about VA mortgages - Military Times<\/title>\n<meta name=\"description\" content=\"Purchasing a home can be a complicated process, especially for first-time buyers who are just learning the ropes. 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