El Paso Homes for Sale|Remax Agent|First-Time Buyer
VA Loan for Active Duty Personnel
The VA states for Active Duty Service Personnel "if you are now on regular duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service."
To obtain a VA-insured loan you will need a "Certificate of Eligibility." Generally a lender can obtain this for you, however there may be situations where you will have to apply directly for this certificate using VA Form 26-1880.
Because rates can be different you will want to speak with various lenders to get the best rate. Also, be sure you have all certificates and approvals in place before you go house hunting. This will prevent possible contractual and settlement delays and problems. A base housing officer can provide additional information or you can call the VA in the US at: 1-800-827-1000.
FAQ about VA Loans
If you own a home that you need to sell to finance your new home purchase a Bridge Loan. This type of loan is for a short period (days, weeks) which will be paid in full at closing. Ask you lender about a Bridge Loan.
Call a VA Mortgage Company to find out what you are entitled to today.
101 about VA Closing Costs
The veteran can pay a maximum of all reasonable and customary amounts for any and all of the "Itemized Fees and Charges" designated by VA as defined below plus a 1% flat charge by the lender plus reasonable discount points. Some special provisions apply to construction, alteration, improvement and repair loans.
HOW TO HAVE MINIMAL TO NO CLOSING COSTS Please note that often times veterans believe that closing costs are covered by a VA mortgage. While that is not technically true, the same effect can be reached through careful structuring of your real estate contract. The loan amount will be the purchase price or appraised value, whichever is less (plus the VA Funding Fee). So if you want your closing costs covered by the loan, you need to increase the price and have a stipulation with the seller will pay the closings costs and pre-paid expenses equal to the amount by which you have increased the price. As long as the home appraises for the increased price, you will have the closing costs paid as part of the deal. Closing costs and pre-paid expenses can vary widely with 3% - 5% as the range for most places. If you want a more specific number in this regard after you have started looking for properties, we can provide you with a Good Faith Estimate for a particular property that you have an interest.
ITEMIZED FEES AND CHARGES The VA defines allowable fees and charges that the veteran borrower can pay or closing costs that may be charged to the borrower. These costs are determined as reasonable and customary by each local VA office. All other costs in the transaction are considered non-allowable and generally paid by the seller when purchasing a new home or by the lender when refinancing your current VA mortgage. Itemized fees and charges are as follows:
APPRAISAL AND COMPLIANCE INSPECTIONS The veteran can pay the fee of a VA Appraiser and VA compliance inspectors. The veteran can also pay for a second appraisal if they are requesting a reconsideration of value. The veteran cannot pay for a second appraisal if the lender or seller is requesting a reconsideration of value or if parties other than the veteran or lender request the appraisal.
RECORDING FEES The veteran can pay for recording fees and recording taxes or other charges incident to recordation.
CREDIT REPORT The veteran can pay for the credit report obtained by the lender.
PREPAID ITEMS The veteran can pay that portion of taxes, assessments, and similar items for the current year chargeable to the borrower and the initial deposit for the tax and insurance account.
HAZARD INSURANCE The veteran can pay for the hazard insurance premium. This includes flood insurance, if required.
FLOOD ZONE DETERMINATION The veteran can pay the actual amount charged for a determination of whether a property is in a special flood hazard area, if made by a third party who guarantees the accuracy of the determination.
SURVEY The veteran can pay a charge for a survey, if required by the lender.
TITLE EXAMINATION AND TITLE INSURANCE The veteran may pay a fee for title examination and title insurance, if any. If the lender decides that an environmental protection lien endorsement to a title policy is needed, the cost of the endorsement may be charged to the veteran.
SPECIAL MAILING FEES FOR REFINANCING LOANS For refinancing loans only, the veteran can pay charges for Express Mail or a similar service when the saved per diem interest cost to the veteran will exceed the cost of the special handling.
VA FUNDING FEE Unless exempt from the fee (10% minimum disability from the VA), each veteran must pay a funding fee to VA.
OTHER FEES AUTHORIZED BY THE VAAdditional fees attributable to local variances may be charged to the veteran only if specifically authorized by VA. The lender may request VA to approve such a fee if it is, (a) normally paid by the borrower in a particular jurisdiction, and (b)considered reasonable and customary in the jurisdiction. The following list provides examples of items that CANNOT be charged to the veteran as "itemized fees and charges." Instead, the lender must cover any cost of these items out of its flat 1% fee.
Loan closing or settlement fees, document preparation fees, preparing loan papers or conveyance fees, attorneys services other than for title work, photographs, interest rate lock - in fees, postage and other mailing charges, stationery, telephone calls and other overhead, amortization schedules, pass books, and membership or entrance fees, escrow fees or charges, notary fees, preparation and assignment of mortgage to other secondary market purchasers, trustee's fees or charges, loan application or processing fees, fees for preparation of truth-in-lending disclosure statement, fees charges by loan brokers, finders or other third parties, and tax service fees.
When reviewing allowable borrower fees and charges, many of the items can be paid for by the seller of the home and can be negotiable when presenting an offer on a home to the seller. Please consult with your Real Estate Professional handling the transaction.
- Free Credit Score - Do you know what's on
your credit report?
Get a 3-in-1 Free Credit Score
from all 3 credit bureaus. New GI Bill BenefitsJumpstart your Career!
Learn about your hard-earned GI Bill benefits.
-- DeVry University
-- University of Phoenix
-- Capella University
-- Argosy University Online
-- Strayer University
-- American Sentinal University
-- Virginia College Online
-- Grantham University
-- The Art Institutes
-- Walden University
-- South University
-- Westwood College
-- Ellis College
-- Kaplan University
-- Grand Canyon University
-- AIU Online
More Links of Interest -- Site Map
-- VA Loan Questions
-- VA Adjustable Rate (ARM)
-- Company Information
-- Contact Us
-- Privacy Policy
- - - - - - - - - - - - - - - - -
-- FHA Loans
-- FHA Loan Limits
-- Obama Mortgage
Proudly Endorsed by: Building wealth and save money. Military Hub is about helping you make the best military financial choices for your future. - A Military Hub Site -Military guidelines, regulations, and benefits are introduced each year for everything from Military Pay Charts to your VA Loan benefits. We can help you stay informed. > See also: 2009 Military Military Loans Personal loans from $500 to $10,000 Life Insurance for Military Members-
Free Information -
--> Find out how MBA Supports Our Troops and gives back to the military community.
Home and Auto Insurance - Free Information -
FHA Refinance Put your home equity to work!
VALoans.com is a private company specializing in VA financing and is not a government agency.
HOW TO HAVE MINIMAL TO NO CLOSING COSTS Please note that often times veterans believe that closing costs are covered by a VA mortgage. While that is not technically true, the same effect can be reached through careful structuring of your real estate contract. The loan amount will be the purchase price or appraised value, whichever is less (plus the VA Funding Fee). So if you want your closing costs covered by the loan, you need to increase the price and have a stipulation with the seller will pay the closings costs and pre-paid expenses equal to the amount by which you have increased the price. As long as the home appraises for the increased price, you will have the closing costs paid as part of the deal. Closing costs and pre-paid expenses can vary widely with 3% - 5% as the range for most places. If you want a more specific number in this regard after you have started looking for properties, we can provide you with a Good Faith Estimate for a particular property that you have an interest.
ITEMIZED FEES AND CHARGES The VA defines allowable fees and charges that the veteran borrower can pay or closing costs that may be charged to the borrower. These costs are determined as reasonable and customary by each local VA office. All other costs in the transaction are considered non-allowable and generally paid by the seller when purchasing a new home or by the lender when refinancing your current VA mortgage. Itemized fees and charges are as follows:
APPRAISAL AND COMPLIANCE INSPECTIONS The veteran can pay the fee of a VA Appraiser and VA compliance inspectors. The veteran can also pay for a second appraisal if they are requesting a reconsideration of value. The veteran cannot pay for a second appraisal if the lender or seller is requesting a reconsideration of value or if parties other than the veteran or lender request the appraisal.
RECORDING FEES The veteran can pay for recording fees and recording taxes or other charges incident to recordation.
CREDIT REPORT The veteran can pay for the credit report obtained by the lender.
PREPAID ITEMS The veteran can pay that portion of taxes, assessments, and similar items for the current year chargeable to the borrower and the initial deposit for the tax and insurance account.
HAZARD INSURANCE The veteran can pay for the hazard insurance premium. This includes flood insurance, if required.
FLOOD ZONE DETERMINATION The veteran can pay the actual amount charged for a determination of whether a property is in a special flood hazard area, if made by a third party who guarantees the accuracy of the determination.
SURVEY The veteran can pay a charge for a survey, if required by the lender.
TITLE EXAMINATION AND TITLE INSURANCE The veteran may pay a fee for title examination and title insurance, if any. If the lender decides that an environmental protection lien endorsement to a title policy is needed, the cost of the endorsement may be charged to the veteran.
SPECIAL MAILING FEES FOR REFINANCING LOANS For refinancing loans only, the veteran can pay charges for Express Mail or a similar service when the saved per diem interest cost to the veteran will exceed the cost of the special handling.
VA FUNDING FEE Unless exempt from the fee (10% minimum disability from the VA), each veteran must pay a funding fee to VA.
OTHER FEES AUTHORIZED BY THE VAAdditional fees attributable to local variances may be charged to the veteran only if specifically authorized by VA. The lender may request VA to approve such a fee if it is, (a) normally paid by the borrower in a particular jurisdiction, and (b)considered reasonable and customary in the jurisdiction. The following list provides examples of items that CANNOT be charged to the veteran as "itemized fees and charges." Instead, the lender must cover any cost of these items out of its flat 1% fee.
Loan closing or settlement fees, document preparation fees, preparing loan papers or conveyance fees, attorneys services other than for title work, photographs, interest rate lock - in fees, postage and other mailing charges, stationery, telephone calls and other overhead, amortization schedules, pass books, and membership or entrance fees, escrow fees or charges, notary fees, preparation and assignment of mortgage to other secondary market purchasers, trustee's fees or charges, loan application or processing fees, fees for preparation of truth-in-lending disclosure statement, fees charges by loan brokers, finders or other third parties, and tax service fees.
When reviewing allowable borrower fees and charges, many of the items can be paid for by the seller of the home and can be negotiable when presenting an offer on a home to the seller. Please consult with your Real Estate Professional handling the transaction.
- Free Credit Score - Do you know what's on
your credit report?
Get a 3-in-1 Free Credit Score
from all 3 credit bureaus. New GI Bill BenefitsJumpstart your Career!
Learn about your hard-earned GI Bill benefits.
-- DeVry University
-- University of Phoenix
-- Capella University
-- Argosy University Online
-- Strayer University
-- American Sentinal University
-- Virginia College Online
-- Grantham University
-- The Art Institutes
-- Walden University
-- South University
-- Westwood College
-- Ellis College
-- Kaplan University
-- Grand Canyon University
-- AIU Online
More Links of Interest -- Site Map
-- VA Loan Questions
-- VA Adjustable Rate (ARM)
-- Company Information
-- Contact Us
-- Privacy Policy
- - - - - - - - - - - - - - - - -
-- FHA Loans
-- FHA Loan Limits
-- Obama Mortgage
Proudly Endorsed by: Building wealth and save money. Military Hub is about helping you make the best military financial choices for your future. - A Military Hub Site -Military guidelines, regulations, and benefits are introduced each year for everything from Military Pay Charts to your VA Loan benefits. We can help you stay informed. > See also: 2009 Military Military Loans Personal loans from $500 to $10,000 Life Insurance for Military Members-
Free Information -
--> Find out how MBA Supports Our Troops and gives back to the military community.
Home and Auto Insurance - Free Information -
FHA Refinance Put your home equity to work!
VALoans.com is a private company specializing in VA financing and is not a government agency.
IMPORTANT_NOTICE Russell-Realtor is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
