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Common Questions About VA Home Loans

  • Why do I have closing costs if there's no down payment?
  • Closing costs and down payments are two separate things. A down payment reduces the amount of your loan. Closing costs cover things like an appraisal, lender and title fees, property taxes and homeowners insurance. Closing costs can be handled several ways. It's best to consult your local VA mortgage professional at Sierra View Financial (916) 989-6222 to explore your options.
  • What is a Certificate of Eligibility (COE) and how do I get one?
  • The COE confirms that you're eligible for a VA-backed loan. For more information, visit the U.S. Department of Veterans Affairs website, our page about VA Home Loan eligibility or call our office at (916) 989-6222.
  • Can a veteran get a VA business loan?
  • No. but business loans may be obtained through the SBA (Small Business Administration). The SBA gives preference to veterans wishing to obtain small business assistance. For more information on this financing, consult your telephone directory for the SBA office nearest you.
  • Can a veteran get a VA farm loan?
  • No, except for a farm on which there is a farm residence which will be personally occupied by the veteran as a home. Veterans may have trouble getting financing if it’s a working farm.
  • How many times can I use a VA loan?
  • VA loans can be used more than once.
  • Can I refinance a VA loan?
  • Yes. You can refinance your VA loan.
  • Can a veteran obtain a VA loan for the purchase of property in a foreign country?
  • No. The property must be located in the United States, its territories, or possessions. The latter consist of Puerto Rico, Guam, Virgin Islands, American Samoa and Northern Mariana Islands.
  • Can a veteran get a VA loan to pay off the mortgage or other liens of record on his or her home?
  • Yes. The following refinancing loans are available under the VA guaranteed home loan program. To pay off the mortgage and/or other liens of record on the home. Veterans in some cases can borrow up to 100 percent of the home’s value, plus allowable costs and fees. The loan may include funds for any purpose which is acceptable to the lender, plus closing costs, including a reasonable number of discount points. A veteran must have available home loan entitlement.
  • Am I exempt from the VA funding fee?
  • You may be exempt if you have a service-related disability. Your COE should note if you're exempt.
  • Can a veteran get a VA loan to purchase a mobile home on a plot of land?
  • Yes, but you should know right from the start that most lenders are hesitant to make a VA home loan on manufactured housing. These types of loans carry more risk since the likelihood of long-term depreciation is higher than for other types of loans. It’s common for veterans to obtain a construction loan from a builder or local lender, then refinance that loan with a VA mortgage once the home is completed.

Call a VA Home Loan Specialist at (916) 989-6222

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Call a VA Home Loan Specialist at (916) 989-6222

  • How do I get a VA loan?
  • Start by pre-qualifying online to help you understand your budget. Once you're pre-qualified, apply for your Certificate of Eligibility (COE) and call one of our loan officers to get started on your mortgage application.
  • Can a veteran get a VA loan to buy or construct a residential property containing more than one family unit?
  • Yes, but the total number of separate units cannot be more than four if one veteran is buying. If more than one veteran is buying, then one additional family unit may be added to the basic four for each veteran participating; thus, one veteran could buy four units; two veterans, six units; three veterans, seven units, etc. In addition, if the veteran must depend on rental income from the property to qualify for the loan, the veteran must (a) show that he or she has the background or qualifications to be successful as a landlord, and (b) have enough cash reserves to make the loan payments for at least 6 months without help from the rental income. Lenders may have their own additional requirements.

Call a VA Home Loan Specialist at (916) 989-6222