VA Loan Facts

  • Eligible buyers include: active duty personnel, veterans, certain reservists and National Guard members, surviving spouses of persons who die on active duty or die as a result of service connected disabilities, certain spouses of active duty personnel who are a) missing in action, b) captured in line of duty by a hostile force, or c) forcibly detained by a foreign government or power.



  • VA loans charge a funding fee (percentage charged varies the eligibility status of the buyer) to the buyer, it’s finance it into the loan. If the buyer has a service-connected disability he or she may be exempt from the funding fee.


  • The seller can pay for some closing costs. A sellers “concessions” can’t exceed 4% of the loan amount. Only some types of costs fall under this 4% rule. Examples are: payment of pre-paid closing costs, VA funding fee, payoff of credit balances or judgments for the Veteran, and funds for temporary “buydowns.” Payment of discount points is not subject to the 4% limit.



  • VA Loan Costs not permitted to be paid by the Buyer: The most notable costs not permitted to be paid by the Buyer on a VA loan are lender fees: underwriting, processing, application, document preparation and tax service. Contact the buyer's lender to obtain their respective fees.


  • VA waiting periods post foreclosure is only 2 years! This is one of the shortest waiting period time frames for all loan options today!


  • VA Appraisal Contingency: the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise or be obligated to complete the purchase of the property if the contract purchase or the costs exceeds the reasonable value of the property established by the Veterans Administration.


  • It’s not a one and done program. VA Home Loan Benefits can be used multiple times, even with a short sale or foreclosure.