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VA Loan Facts of the Day

VA Loan Facts of the Day

Fact of the Day #1

Did you know that a Veteran can have more than one active VA home loan at a time?

Fact of the Day #2

Did you know that VA has no flip rules? This means that an investor can sell a flipped property and not have to wait 90 days or need two appraisals.

Fact of the Day #3

Did you know that we can count the rent on a Veteran’s departing residence ( 75% of it ) to offset the payment, even if there is no equity?

Fact of the Day #4

Did you know that you can use your Certificate of Eligibility as verification of income when the Veteran receives VA disability? Since the amount received is on the COE no further verification is required.

Fact of the Day #5

Did you know that the county max loan limit is not the maximum loan you can do in your county? That limit is only the maximum no down limit. We can go above those limits with minimal down to a maximum loan of $1,500,000.

Fact of the Day #6

Did you know that a VA mortgage loan is assumable, and the new buyer doesn’t have to be a Veteran.

Fact of the Day #7

Did you know that ratio is secondary to residual income when underwriting a VA home loan? This allows for higher ratio VA loans to be approved.

Fact of the Day #8

Did you know that if you have excess seller credit the balance can be applied to borrower's debt?

Fact of the Day #9

Did you know that required repairs and or termite work is negotiable between buyer and seller and not always a seller cost.

Fact of the Day #10

Did you know that with an IRRRL (VA Streamline), in most instances, all of the costs can be financed in the loan?

Fact of the Day #11

Did you know that you can do a VA cash out refinance even if you have already used all of your eligibility? VA will restore your eligibility to do a cash out on your existing home and the COE will reflect that it is only for cash out on your address.

Fact of the Day #12

Did you know that a person entering active duty military today becomes eligible for a VA mortgage loan after 90 days of active duty?

Fact of the Day #13

Did you know that iServe Residential Lending will do a 100% cash out VA refinance?

Fact of the Day #14

Did you know that any disability compensation from VA, no matter how small, will exempt a Veteran from the funding fee?

Fact of the Day #15

Did you know that a Veteran can reduce the funding fee on a purchase by putting some money down?

Fact of the Day #16

Did you know that if a Veteran had a foreclosure on a previous VA loan, he or she may still be eligible for another no down VA loan?

Fact of the Day #17

Did you know that we do not need a Certificate of Eligibility to do an IRRRL?

Fact of the Day #18

Did you know that less than 7% of eligible veterans have used their VA home loan? How many of our markets are 93% available to us?

Fact of the Day #19

Did you know that iServe will do an IRRRL in most cases without an appraisal?