VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 602-908-5849 Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com

2. ANSWERS TO VETERANS QUESTIONS
CONCERNING VA LOANS

3. When a person completes their
military service, they may feel it
is time to purchase a home.

4. Most veterans know about
VA home loans.
But many have questions
they want answered before
beginning the process.

5. IS A VA LOAN BETTER THAN
OTHER TYPES OF HOME LOANS?

6. VA loans are designed to give
veterans an advantage
It enables them to buy a home
without a down payment.

7. A vet also can get an appraisal.
It will provide important
information on the home's
value and more.
Their closing costs could also
be limited.

8. HOW DOES A VETERAN APPLY
FOR A VA LOAN?

9. They need to contact a lender
who makes VA loans.
After choosing a lender, a veteran
can begin the process by filling
out an application.

10. This can be done:
Online
Over the phone
Meeting at the lender's office

11. Vets also will need to provide
documents concerning their:
Savings
Credit
Employment information

12. WHAT IS A CERTIFICATE OF ELIGIBILITY?

13. When applying for a VA loan,
a veteran must obtain a
Certificate of Eligibility (COE).
They can get one by applying
with VA form 26-1880.

14. A veteran will also be required to
provide a copy of their DD-214.
This is known as a Certificate
of Release or Discharge from
Active Duty.

15. CAN RESERVISTS AND
NATIONAL GUARD MEMBERS
GET VA LOANS?

16. If a person has completed six or more
years in the Reserves or National
Guard and received an honorable
discharge, they may qualify.

17. If Reservists or National Guard
members were discharged because
of a service-connected disability, they
could qualify with less than six years.

18. If they were activated by the authority
of Title 10 U.S. Code, and served 90
consecutive days, they also may
qualify for a VA loan.

19. WHAT ARE THE REPAYMENT
OPTIONS WITH A VA LOAN?

20. VA loans provide veterans with
a guaranteed 30 year loan with
options of repayment plans.
They can choose a traditional
fixed loan where they pay the
principal and interest.

21. A Graduated Payment Mortgage
(GPM) is also an option.
This allows them to have initial low
payments that gradually increase.
There are more options available.

22. IS THERE A MAXIMUM AMOUNT
A VETERAN CAN BORROW?

23. There is no maximum limit for
a VA loan.
The reasonable value of a home,
as well as its purchase price,
is taken into consideration.
Most lenders try to keep VA
loans under $420,000.

24. CAN A VA LOAN BE USED TO BUY
PROPERTY IN ANOTHER COUNTRY?

25. No.
A VA loan can be used only
to buy property in the
United States.

26. This would include:
Puerto Rico
American Samoa,
and others.

27. DOES ELIGIBILITY FOR A
VA LOAN EXPIRE?

28. It does not expire during the
time a person is serving on
active duty.

29. Once a person is discharged,
a determination of eligibility
will be made based on their
length of service and type of
discharge received.

30. CAN A VA LOAN BE USED TO PURCHASE
A MANUFACTURED HOME?

31. Yes
A private lender can make a
VA manufactured-home loan.

32. The VA will guarantee up to 40%
of the loan amount or a veteran's
available entitlement.
The amount guaranteed by the
VA does not have to limit the
amount a veteran can borrow.

33. WHAT IS A VA FUNDING FEE?

34. This is a percentage of the loan
amount every veteran must pay to
fund the VA home loan program.
It is possible to finance the VA
funding fee.

35. Mortgage Originator Jimmy Vercellino,
specializing in VA loans, helps veterans
use their VA loan benefit to their
greatest advantage.