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No. Not only do you not pay the VA funding fee, you may also be eligible for property tax exemptions depending on your state/county. Additionally, on your COE it will confirm whether or not you need to pay the VA Funding fee.
You protected and served our country. The least we can do is help you buy your home. Check your VA Home Loan rates above to see how we can help you get started, If you'd like to chat first, call our VA Loan team today at 855-610-1112.
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No. Not only do you not pay the VA funding fee, you may also be eligible for property tax exemptions depending on your state/county. Additionally, on your COE it will confirm whether or not you need to pay the VA Funding fee.
Yes! In order to know if you can reuse your VA benefit for a loan more than once, you need to figure out your VA entitlement, remaining entitlement, and how to go about restoring entitlement for purchasing with a VA Loan again or for multiple VA financed properties. You can get all the details you need here.
Effective January 1, 2020, we can expect changes to the VA Loan, loan limit and possibly many other areas of how VA Loans are considered. However, the Dept. of Veteran Affairs has not issued new guidance on what exactly will change. Once they do, we will share the new information.
The VA places a number of requirements on condos and their associations in order for you to use your VA Loan benefit to purchase a condo. They keep an up to date searchable list here on the VA website of approved condo developments.
If a condo you want to buy isn’t listed on the website, ask us to get the condo development approved. However, the process can take up to a few months. Also, the condo may be grandfathered in if it was approved prior to Dec. 7, 2009.
We will need a number of documents from the condo association, referred to as the Condo’s Organizational Documents. These documents include: Current financial and litigation statement; Declaration of covenants, conditions, and restrictions; Homeowner association bylaws and budget; Minutes of the last two homeowner association meetings; Plat, Map/Air lot survey; and Special assessment and litigation statement.
In addition, the VA requires the condo development to meet their minimum approval standards:
No. Both PMI and MIP are not required with VA Loans.
VA Loans are almost always the best mortgage option. See below for a snapshot to how a VA Loan compares to other choices (intentionally omitting any property insurance, property taxes, and/or HOA fees, if applicable). In this example, we’re assuming the home is $300,000, you meet the minimum credit requirements, can provide at most a 10% down payment, and paid monthly mortgage insurance (if applicable):
From the chart above, a VA loan is the clear choice when financing a home purchase. However, if your specific situation dictates the use of a different mortgage solution.
Regardless of the type of property you’re considering, all properties must meet VA Minimum Property Requirements (MPR) and be used as a primary residence. The MPR essentially states the home must be safe, sanitary, and structurally sound. This will come up during the VA appraisal of a property, but your realtor will likely be able to identify major issues prior to ordering this.
About
Headquartered in Bucktown Chicago, NewCastle Home Loans has a dedicated team specializing in VA Loans. From the beginning to the end of your home purchase, you'll be supported by a team who specifically works with veterans. Our mortgage team offers a variety of loan options in Illinois, Indiana, Michigan, Florida, and Tennessee.
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