Ocean Vista Mortgage



1 Florida Park Drive S.
Suite 315

  Palm Coast, FL 32137



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FAQs for VA (Veteran) Loans

Q: I'm a Veteran in the housing market, how can the VA mortgage help?

A: Terrific, did you know that this potential benefit is one of the best mortgage products on the market today?

Q: I hear it is a lot of paper work?

A: Yes, a VA buyer will sign more forms than on a conventional loan.

Q: How do I know if I'm eligible for a VA loan?

A:  Great question, if you have a “Certificate of Eligibility” you are eligible.  If just starting to look for houses, why not set an appointment for us to meet so I can do a pre-approval.  At this meeting the veteran and I will discuss the requirments and whether you have a DD214 (discharge) and Certificate of Eligibility.  If missing the Certificate of Eligibility, I will help the veteran obtain this document.  This will also be a great time to cover all other questions and concerns.

Q: Is it true the seller is required to pay all closing costs?

A:  NO, only if the seller agrees to this.  If the seller does agree, it is possible for the buyer to close on a house with not one penny out of their pocket.  If there is a deposit in escrow on the house, this money will be returned back to the buyer.  The VA likes this arrangement, because they feel that this helps the Veteran to have some money left over after the close for reserves.  No reserves are required.

Q: What if the veteran's debt-to-income ratios are high, can they still get a VA loan?

A: Yes, the VA has a stated ratio that they would like to see most of their loans fall into, this is a 41%/41% debt to income ratio.  However, they permit higher ratios if there is enough residual income and compensating factors.  If you feel that your debt to income ratio is high, please, by all means, I encourage us to meet for a pre-approval, we will submit requesting the highest loan amount possible, this will help you from spinning your wheels which will save you GAS money.

Q: Will the VA still give 100% financing in Florida?

A:  Yes, our declining market will not be a factor.

Q: Are veterans guaranteed to get an approval?

A:  No, it is possible to receive a denial; the guarantee is made to the bank that approves the loan, if there is a default, they are covered for the loss up to 25% of the value.  That is why a pre-approval makes sense.

Q: What appraiser can we use?

A: The VA assigns an appraiser.  As your loan originator we will order this through the VA system.

Q: How large a loan will the VA permit?

A: $417,000 is the limit for 100% financing; you can go above this amount if you have enough money to put down 25% of the remaining amount!  You need full eligibility to qualify for this.

Q: What is a funding fee?

A: This is a fee that the VA collects from the Veteran.

Q:  How much is the funding fee?

A: A first time user at 100%  LTV  is 2.15%.  Subsequent user at 100% LTV is 3.3%.  This fee can be financed in with the loan.  Ex. $100,000 loan + $2,150 funding fee = $102,150.

I hope these FAQs help.  If you would like to know more or to arrange for me to discuss VA in depth, just let me know when would be a good time?

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Ocean Vista Mortgage, LLC
1 Florida Park Drive S.
Suite 315
Palm Coast, FL 32137

Office: 386.447.4800
FAX: 866.645.8752
Cell: 386.569.7059


Ocean Vista Mortgage