VA Loan Explained - Understanding the Full Process
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- Опубликовано: 2 авг 2024
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Regional Loan Center Contact Information (1-877-827-3702)
www.benefits.va.gov/homeloans...
Eligibility requirements for VA home loan programs
www.va.gov/housing-assistance...
VA funding fee and loan closing costs
www.va.gov/housing-assistance...
How to apply for a VA home loan Certificate of Eligibility
www.va.gov/housing-assistance...
What Is a VA Loan?
A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.
How a VA Loan Works
VA loans help active service members, veterans, and their surviving spouses become homeowners. They provide up to 100% financing on the value of a home. Eligible borrowers can use a VA loan to purchase or build a home, improve and repair a home, or refinance a mortgage.
The VA sets the qualifying standards, dictates the terms of the mortgages offered, and backs the loan, but doesn’t actually offer the financing. Instead, VA home loans are provided by private lenders, such as banks and mortgage companies.
When borrowers apply for a loan, they need to provide the lender with a certificate of eligibility from the VA. To get the certificate, you’ll have to produce service-related documentation, which can vary based on whether you are active duty or a veteran. The certificate can be obtained from the VA website. Although some of the lender’s own underwriting requirements still must be met, in most cases, VA loans are easier to qualify for than conventional loans.
VA loans, Federal Housing Administration (FHA) loans, and other loans insured by departments of the United States government have securitization through the Government National Mortgage Association (GNMA), also known as Ginnie Mae. These securities carry the guarantee of the U.S. government against default.
VA Loan Terms
The terms of VA loans are quite generous compared to other mortgages and even to other federal loan programs. Among the benefits:1
No down payment is mandated unless required by the lender, or if the residence’s purchase price is above the established property value.
There is no private mortgage insurance requirement.
Closing costs are limited and may be paid by the seller.
There is no prepayment penalty if the borrower pays off the loan early.
Assistance is available from the VA to help borrowers avoid default.
Credit score minimum requirements differ slightly from lender to lender. The VA’s only credit requirement is for the borrower to be considered a satisfactory credit risk by a lender. The benefits of a VA loan are the same no matter which lender you choose.
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#VALoan #VABenefits #BuyingAHome
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DISCLAIMER:
This video is for entertainment purposes only. I am not in any way acting as an agent or representative of the Department of Defense or United States Federal Government when presenting this information. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.
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Thanks for watching! Check out my entire playlist on buying a home here:
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Why do only 12% of veterans that qualify for a va loan at the end of their service ever qualify to get a home? Please explain these unusable benefits to the other 88% that don't qualify but have earned the benifits?
Nice video. If you and your spouse are dual military can you use your va loans separately?
You can really tell this guy's from the Air Force. The video was well put together. If this was Army, it would be a bunch of PowerPoint slides done by some specialist who doesn't want to be there LOL
Thanks Gandalf! Cheers!
I’m in the Army and I agree
I was in the army as well, got out as an E-4 Mafia member and I back your statement 100% gandalf 😂😂
@@HELLUVA.FIGHTER e4 mafia
Come on man. Former Army here. We hate Powerpoint. 😂
THIS....IS.....WHAT.....I.....NEEDED.....TO....HEAR!!!!!! Straight to the point, no joking around, no bullshit. Best I've seen so far. And I understood every single thing he said.
That's what I shoot for on my channel! Best of luck to you!
I agree very clearly put and easy for my Army brain to understand 😂
Exactly. He did well breaking the info down.
Had an application with Veterans United and Navy Federal. VU can close in a month with a 3.125% rate for credits under 700, and 2.99% above 700.
Navy Federal needs two months to close but with a 2.5%, and it's freedom lock, meaning if you see the rates go down anytime before closing, you have the freedom to change the rate from 2.5% to a lower rate, even you have locked it at 2.5%.
My my have the rate increased 😵💫
I have seen many VA loan walk-through videos, but by far this is well explained. It takes a lot for me to comment but kudos to this guy, Marine vet here. Thank you for your damn service sir haha
You’re the best! Super informative. Thank you for taking the time to do this.
Always straight to the point and informative, thank you man sincerely!
thank you for explaining this so well and concisely ! VA loans are an awesome service member benefit
Thank you so much for the information. Best video so far that explains VA loan process.
This was perfect, this was the best video I’ve watched on RUclips, may God bless you
Dude... THIS was the video I should have seen two years ago before I bought my condo. Honestly man, you did a great job! Specially when telling veterans that they aren't really VA recommended or just act friendly.
Thanks so much cheerio! I appreciate the comment!
Thanks much, I have been watching a bunch of videos regarding the process when using va loan .I think I understand now.
Once again, Thank you for your SERVICE!
@Jake Bro! Thanks for your service bro!!! Fly, Fight , Win!!!
I spent days trying to get the right informatiom about VA loan, even after watching numerous videos that related to this subject, I felt that the content provided in those videos did not fully answer the questions that I had. You have exhausted the information that I needed. straight to the point and well articulated. Thank you. I couldn't deny you a like and subscription. I have really enjoyed watching and listening to this content.
been on so many vids about VA loan. and this is the best explanation. Thank you sir
This is the best video on VA loans I have found! Thank you so much for putting the time to break it down in an easy to understand manner. 🙏🏼
Haha, I was thinking the same thing as I filmed it. I hope more people can find it. Best of luck!
thank you! this was hands down the best video I could have came across in search of learning more about VA loans
Awesome! Thanks for letting me know Armin. Cheers!
This video is amazing and so helpful! Straight to the point, super informative and very well put together. Thank you!
Thanks so much Brittany! Cheers!
Thank you so much for clear, concise, and detailed information regarding the VA loan. My husband and I are looking at our choices after leaving the military. Your video made me a little less scared and really helps solidify our choices. Great work!
Thanks so much Jengar! I wish you and your husband best of luck in your post-military life together. The VA loan is a great benefit and I am sure you guys will enjoy being home owners. Good luck!
Just found your show and love it thx for your service In both these videos and military
Thanks for your support Randy! I appreciate it!
Such a helpful video honestly. What I needed
Thank you for your service, Jake. I am a realtor in NJ and just helped my friend who is a veteran, to close on his first home. It was a challenging task and I learn a thing or two. I'm watching your video in order to learn more and be a supportive veteran and active duty advocating realtor. I took a class this morning from the V.A. loan Org and received a certificate of proficiency. God bless America.
Thanks for your support Oscar! Glad you found the video and found it helpful! Cheers!
RIP OFF!!! Dont use Veteran United!!! They scheme to raise your interest and other closing cost. You wont even realize you've been screwed until after the fact. DATE RAPED!!! They dilly dallied around up to closing date, had to extend it twice, and causing us to lose our deposit.They should not be allowed to even use the term VETERAN as the name of their Business Name!!! I'm reporting them with the Dept of Financial Regulation. They are scammers. I paid them $600 for what they claimed was a VA Appraisal/Inspection...which it wasn't VA, it was their Bank. They scammed us into portraying it was a VA Represenator. It wasn't!!!
Are you still an active realtor in NJ?
You deserve an award for this, Brother. Thanks!
Thanks so much PBE! Cheers!
Saving this video for later. This is the best video on va loans. They never told us about this before I got out! Thank you
Thanks so much Ya Boi! Happy house hunting!
THANK YOU, JAKE!
This video is very helpful for my family, we are planning to buy a home with VA loan this year.
Dude thank you I really needed this video I got out a year ago and I really needed to understand how the VA loan worked
Glad you found my video Zusse! Cheers!
Thank You!
I'm getting out of the Marines after 8 years and this video is super helpful. Thanks man!
You are very welcome Brandon! Best of luck to you!
Tons of well-articulated, need-to-know information. Big sentence for a Marine, thanks dude
From one USAF Veteran to another. Thank you for this information.
You are very welcome Daniel! Cheers!
Clear and concise information presented by a Professional. SPOT ON! Thank you
You are very welcome Michael! Cheers!
Great job Captain, I use to own a condo back in 2007---2010. Well I had to do a short sale eventually, but looking back I didn't take advantage of the VA. I am going to use the VA for a loan before I retire from the Navy for sure.
Thanks lewis! The VA Loan benefit is for life and you can use it multiple times. Amazing!
Great video! Thank you!
Thank you. I feel better going into this process now
Thanks for watching! Best of luck Mario!
this video is absolutely amazing! keep it up!
Thanks so much Sean! Cheers!
Such a great and helpful video. Thank you for making this I learned a lot!
Awesome! Thanks Gooey! Best of luck to you!
I loved this Video, I am currently in the process of separating from the Navy and this gave me a lot of insight.
Awesome Dedriko! Thanks for your service and I wish you the best of luck with home ownership! Cheers!
I got out of the military 2012 and I think that you have explained this the best that I have seen yet. Well done.
Thanks Dustin! I appreciate that!
Agreed
Really good information, thank you brother
Thank you very much excellent video from one veteran to another
Thank you for your service 🙏
Thanks for your support Gonzalez! Cheers!
love the video really helped me out understand.. studying for mo test
Awesome! Glad to help sheela! Cheers!
Thanks Jake. I am looking in to this process now. It's a lot!!!!
You got this Mark! Cheers!
To start, I have a quote from a from a few Air Force guys I’ve worked with “Why not Minot” . Thanks for explaining this and the process, I’m a first time home buyer looking to use the VA loan, this is the first time I’ve ever heard it explained the way you did. Before this I thought it was some magical entity, now I know it’s the equivalent of a down payment. The rest is sound info to be reminded of. Even as a base understanding, this video is going to help a lot of service guys and vets, that’s why I’m commenting and leaving a like.
Thanks so much Bill! I appreciate the comment and that's awesome you will be using your VA Loan soon! It's a great benefit! Happy house hunting!
Great video. Thanks👍🏿
Thank you so much!
Best video ever !!! Thank you!
Thanks so much sombo! Cheers!
Thank you, Jake!
You are welcome KM! Cheers!
Absolutely Amazing information!
Great video man! I definitely will save this. Every now and then I forget all the stuff that goes along with the VA Loan.
Thanks Naam! Congrats on almost hitting 50k subs! I am never going to catch you if you keep outpacing me like this, lol. Also, check out my follow video to this about Dave Ramsey not liking the VA Loan
ruclips.net/video/n401d0z8FNs/видео.html
@@JakeBroe Thanks, man! Already checked it out. Smashed that like too
Great Video. Thank you Much for detailed and very helpful video.
You are very welcome Deepti! Cheers!
thanks man
Going through it right now, currently in underwriting. It's been an amazing process, so simple, I've never bought a house before and was told it was daunting.
That's awesome Dan! Congrats on buying a home!
Just an FYI, Seller concessions are not the same as closing costs- they can be used to pay some of the closing costs. Seller concessions are monies the sellers are crediting back to the buyer at closing towards costs such as the closing costs
Thanks brother. I am in the Marines (8 years active duty) and have been looking at owning a home. This has been the most helpful video thus far!
Awesome! Glad you found my channel Nick! Cheers!
🥾
@@johnfloyd1866 lol indeed
@@Nick19904 ❤️
@johnfloyd1866 Risky pfp bro, ive seen peeps get fried for much less. And is that your real name..? 😂
this is a great video. retiring in 2 1/2 years. wife is med retired. managed to use her VA loan and didn't have to pay the VA fee. had the appraisal on our future home today. great information and it verified everything ive been told by my realtor, lender and what ive been able to research. good job.
Thanks John! I appreciate that!
Congrats!
great video very informative, thank you!
You are very welcome Darrontae! Cheers!
Thank you very much for sharing. This information is helpful as have started evaluating my options. Much appreciated...
You are very welcome Ajala! Happy house hunting to you!
I will reachout to you privately for more information about the Navy and options of the VA Loan for a service member. Thank you sir...
Great topic. Used my VA loan and appreciated the benefit.
It's a great benefit for sure P2P! Cheers!
Ditto. Much easier with banks that are familiar with the process like Navy Fed and USAA
Subscribed. Great video!
Awesome! Welcome to the channel E. Hank! Great to have you with us!
Great video Captain. After I finish the book I am currently reading, I have two home buying books to read. I am hoping to use my VA loan myself next summer. Excellent content good sir!
That's great Alvin! It's a great benefit! My next two videos coming this week are also related to the VA Loan, so be sure to check those out as well. I think you will find them interesting!
Let me know if you need a Certified VA Realtor 😊
Well this just had me become more terrified of the process. But excellent Information.
Wow, I was stationed at Minot from 1999 to 2004. Thanks for the video
You are very welcome Andre! Cheers!
Thank you
Amazing explanation
Thank you for the very informative video!! Question how does this differ for reservists?
Thank you for your great presentation ! Thank you for your service ! Greetings from a surviving spouse of a Green Beret.
Excellent video! I went through this process last year. As for the funding fee, I might need to go back and look at my documents. If I am getting a percentage, I should be exempt from that few. I might be getting a refund. 🙌🏾
That's awesome Kadeem! Congrats on being a home owner!
Thanks Jake.
You are very welcome Mac!
Excellent video!
Thanks Kevin! Cheers!
Thank you Mr.
You are welcome Ramon! Cheers!
Thank you!
You are welcome Malakai! Cheers!
Great video. Thank you
You are welcome SFP! Cheers!
Hi Jake!! I hope you're doing well and all is well. Loved the video, the gems you dropped were very helpful. I don't plan on buying a home anytime soon, but it is just nice to know so thank you very much.
I was wondering if this information applies to homes being built, I would hopefully like to have one built new rather than buy one. I feel like what better way to get what you want in a home than to get it built how you like.
Also, I'm still a go for leaving in December!! My friends think I'm too excited, but I'm not excited enough!!
Hey Eliza! As I understand the process, you can partner with a mortgage lender and a home builder to build your own home. I have no experience with this, but from what I have learned there are other people who have done this, so you'll have to search on google for more information with first hand experience doing this. The VA might also be able to send you info if you contact them. Good luck!
Great great info buddy!
Air Force rocks✈️
Thanks Peter! Cheers!
Nice Video. Thank you.
You are very welcome Raks! Cheers!
Thank you very much for the video. I am looking to buy and am starting the process. Just waiting on an appraisal. My dad is living in a house that was suppose to be my mothers when my grandma passed away, it was in a trust. Mom passed away in 2020 and my grandma passed away earlier this year. My father doesnt have the history to be able to purcahse the house. So its down to me. Have decent to good credit and the house going for a great price due to repairs my father did. They were able to appraise the house (evil aunts attorney 72,900) and dads attorney (70000), the aunts offered to sell for 45-46, still waiting for all the paperwork. Hoping Veterans United says yes, with just the equity already in the house should be a no brainer. Your video was very insightful. Should be getting the appraisal this upcoming week and here I go.
I really liked the graphic about the "yes" or "no" whether we should be buying or renting. I was wondering, what if you are moving to an area where it is cheaper to buy than to rent? This would include your maintenance fees, home fees, etc. Thank you for your videos and for your service.
Hey Raul! I think it all depends on how long you will live there. I think anything greater than 3 years, then buying makes sense. Anything less than 3 years and maybe the savings you'd make from buying and then selling when you leave is not worth the effort and risk (unexpected costs to the home and the risk of not being able to sell when you want).
Hi Jake, would you do a series on using the VA loan to use it for rental property strategies? I'm looking to use the VA loan again to purchase another place. Thanks for the content!
Hey James! I can possibly look in to that video topic. Thanks for the suggestion! Cheers!
Thank you for serving Jake. I'm a navy vet looking for advice on using my first va loan. So far I have my certificate of eligibility but I'm stuck on what to do or look for next.
Are you looking to buy? Well then your next step would be to get preapproved by a lender.
So happy to have been able to use my VA loan, Veteran's United helped us through the whole process n made it real easy to close...
That's awesome PP! Congrats on home ownership!
Oh my gosh,..it was a lot more than helpful than I thought! Thank you for this solid information !! AIM HIGH!!
Thanks Jeff! Best of luck house hunting!
You should do a video on the difference between a VA loan and a VA IRRRL
super informational video
Thanks Tony! Cheers!
I am a veteran who used the VA home loan, the VA worked hard to help me out and was working with my disabilities.
I really wish I would have seen this video before it would have made it a lot helpful it's amazing how many trash videos are out there I had to go through upon a decent one
Thanks Kelly! I agree... there are lot of trash videos out there on the LA Loan of people trying to sell people stuff. I wanted to make this video as a neutral informer. I'm not trying to sell anyone anything. Glad the VA Loan worked out for you!
Thanks for this! I'd love to know what you'd recommend as a time line to begin this process. My lease ends on June 30th so it'd be great to not have to go month to month on my lease for very long. I just received the CoE, but haven't started anything else yet.
Best video ever
Best comment ever! Thanks Ashley!
Thank U Thank U Thank U
Come to Dayton, Ohio! Wright Patt is a great place to work.
Haha, I wish there was some way to get out of North Dakota... but the Air Force doesn't want to let me leave here...
Very well put together video! Subscribed for the professionalism and the informational guidelines. I'm currently in the process of trying to buy a home for myself. Thank you for your service and anyone else who reads this! Hope we all get into our dream homes.
Thanks for your support RKY! Great to have you with the channel!
amazing video , still kinda scared like how do i do this by myself ? or do the lenders or realtors help ?
get it playa!!!!
Great video as usual. I’m preparing to get out of the military in 3 years myself. As far as the proof of income. Will they require you be at a job for two consecutive years to qualify? I’m sure I’ll get a job when I get out but my fear is not having enough time at that job prior to applying for a VA loan.
U.S. Army approves this video. Great job sir.
Thanks so much! Cheers!
Bro, we were at Minot together.
where did you find a place that does 2.5% interest rates?
Nice video
New subscriber here!
Welcome to the channel Nasir! Great to have you with us!
As a disabled vet, has been perfect for me. And, it makes a big difference every time I refinance. I did one VA loan before I retired and man did that funding fee sting. 🤣
That's great Rob! I think if I used the VA Loan I would also eventually refinance my mortgage to a conventional loan to free up my VA Loan benefit again, then move to a new house and start renting out my old one.
They way the funding fee was explained to me, rather than having the buyer pay mortgage insurance (like most people would need to do) the funding fee is a way to have a kind of mortgage insurance that's paid upfront but that can be attached into the loan. Still better off than if you have to pay mortgage insurance over the life of the loan but it certainly does suck when you don't realize at first why you're paying so much extra money!