Frequently Asked Questions about VA Mortgage Loans.
Category : Home Loan
Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?
No, the VA loan benefit does not extend to a veteran’s children.
Q: What is required to prove my record of military service?
Veteran or former National Guard activated for Federal Active Service, your DD214; for active-duty, a Statement of Service from your commanding officer; discharged National Guard, never activated for Federal Active Service, either NGB Form 22 or 23.
Q: My spouse who has passed away was an eligible veteran. Am I eligible for the home loan benefit myself?
A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active-duty service or as a result of a service-related disability.
Q: Is a VA loan better than a conventional mortgage?
In many cases, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, unlike conventional and FHA loans, they do not require monthly mortgage insurance when borrowing more than 80% of a home’s value, and getting approved can be easier than with other loan types.
Q: How long does it take to get approved for a VA loan?
It varies depending on the current workload of your lender, but it is typically the same as for conventional mortgages. An approval to purchase can come in as little as 2-3 days. Once you’re in contract to purchase, the closing process will take anywhere from 3 weeks to 45 days.