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VA Loan Frequently Asked Questions

Nov 11, 2019 11:20 AM

By: Primary Residential Mortgage, Inc.

A VA loan can help those who have served their country get into a home they deserve. At Primary Residential Mortgage, Inc., we want to help you get the information you need to reach your financial goals.

To learn more about VA loans, check out answers to these frequently asked questions.

What does VA stand for?

VA stands for Veterans Affairs—shorthand for the US Department of Veterans Affairs, the government agency that insures the loan.

What is a VA loan?

A VA loan is a government-insured mortgage loan that helps former and active military members buy a home or refinance their existing home. VA loans aim to help make homeownership possible and affordable for more military members and veterans.

Who is eligible for a VA loan?

US veterans, active-duty military members and widowed military spouses are eligible for VA loans.

What down payment is required with a VA loan?

You may be able get a VA loan with no down payment.* However, if you can put down a small amount of money up front, it may help reduce your monthly payments.

*Closing costs and fees may still apply.

Do I need perfect credit to get a VA home loan?

No. You may qualify for a VA loan with a credit score as low as 580.

Do I need to pay for private mortgage insurance?

No—since VA loans are insured by the government, they don’t require private mortgage insurance.

Can I get a VA home loan if I’ve gotten one before?

You can take out a second VA loan if you have remaining entitlement after your first purchase. (Entitlement is the maximum amount the VA will provide to the lender for your loan.)

Alternatively, you can have your original entitlement restored in one of a couple ways:

  1. If you sell the property you bought with the first loan and if that loan has been completely paid off.
  2. If a qualified veteran buyer takes on your old loan with their own entitlement.

If you have any other questions about VA loans, your Loan Officer will be happy to get you the answers. Our goal is to help you get into the home you deserve with less time and hassle.

We’d love to help you get started with your VA loan. Contact your local PRMI Loan Originator today.