Dave Porter

A Deeper Look at VA Loans

If you are a veteran or active duty, THANK you for your service. I’m very good at home loans for veterans and our active duty. Here are just a handful of helpful facts about VA loans:

Can I use my VA loan more than once?

Yes you can!

Does the VA loan benefit expire?

No, it will never expire.

Can I have multiple active VA loans at the same time?

You can, however it will depend on your county loan limit.

Is there a size limit to the VA loan?

There is not anymore if you have all of your VA entitlement remaining. I’ve seen $2 and $3 million dollar VA Loans.

Are VA appraisals difficult?

The appraisal is not more difficult, in fact it’s common for “VA appraisers” to be the same appraiser for conventional and other loan programs. There are some minimal property requirements to note, but not more difficult. 

Does VA take longer to close?

No.

What if I served in the National Guard/Reserves?

Yes, but you need to have served for 6 years OR you have served 90 days of active duty.

Does a service-connected disability affect a VA loan in any way?

Yes, it gives the ability to waive the VA funding fee as well as using the disability income.

Can the seller pay all the buyer’s closing costs?

Yes.

Can the seller pay additional costs for the borrower? 

Yes, up to 4%, the seller could pay off a debt or tax debt for buyer qualifying.

What if the house needs some work order the seller doesn’t want to pay for?

VA offers a renovation loan that can include these improvements.

What if the veteran wants to add energy improvements to the loan, can he/she do this?

Yes, VA offers three different energy improvement mortgage options, including financing solar.

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