Are VA loans and Interest rates competitive with conventional loans?

Yes, generally VA rates are competitive with conventional loans.

What documents do I need to get a VA loan?

To start the loan Application Application A printed form used by a mortgage lender to record necessary information concerning a prospective mortgage. View Glossary Page process, you’ll need to provide your DD-214 form OR Proof of Service (which can be obtained from military records of St. Louis at 1-866-272-6272 option #4. Once you submit one of these forms to Pulte Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page , they can assist you in obtaining a Certificate of Eligibility from the VA.

Does my Certificate of Eligibility automatically qualify me for a VA loan?

After helping you determine the amount of VA loan guarantee you are eligible for (called your “Entitlement”), Pulte Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page will then be able to start the loan approval process qualifying you based on income, credit history and assets.

How long does the VA loan process take from start to finish?

Pulte Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page can normally close a VA loan in as few as 30-45 days depending on how quickly they receive your Certificate of Eligibility and Appraisal Appraisal A report prepared by a professional appraiser that estimates the value of a property based on their physical inspection and comparable properties sold recently in the area. View Glossary Page from the VA.

What is the maximum VA loan amount that I can qualify for?

Depending on your eligibility, you may qualify for a purchase price of up to $417,000 using 100% financing ($0 Down payment Down payment The money the homebuyer pays at the time of closing for the purchase of the home. It reduces the amount financed. View Glossary Page ). The VA does allow for loan amounts greater than $417,000 based on the amount of your Down payment Down payment The money the homebuyer pays at the time of closing for the purchase of the home. It reduces the amount financed. View Glossary Page .

What is the VA Funding Fee for?

The VA Funding Fee is a requirement. It’s a way of guaranteeing or insuring a VA loan if payments aren’t made by the borrower. The fee is intended to enable a veteran obtaining a VA loan to contribute money toward the cost of this benefit, thereby reducing the cost to taxpayers. The amount of the fee varies depending on your Down payment Down payment The money the homebuyer pays at the time of closing for the purchase of the home. It reduces the amount financed. View Glossary Page amount and eligibility status.

Can I use my VA loan benefit more than once?

Yes, you may use your benefit multiple times as long as you have enough benefit to cover the current loan. If you own another home, you may have to sell it or refinance it into an FHA or conventional loan in order to free up the benefit for re-use. The new home you are purchasing must be a Primary Residence Primary Residence A residence that the borrower intends to occupy as a principal residence. View Glossary Page .

Are spouses or children of a veteran eligible for a VA loan?

A surviving spouse may be eligible if the veteran died as a result of service connected disability or while on active duty. Children are not eligible.

Can I get a VA loan if I’ve had a Foreclosure or short sale in the past?

Yes, after a Foreclosure Foreclosure A legal procedure in which property mortgaged as security for a loan is sold to pay the defaulting borrower's debt. View Glossary Page you’ll need to wait at least two years (including having a clean credit history for the past 12 months) before getting a VA loan approval. Short sales are treated differently. Currently, there is no required wait time after having completed a short sale.

If I’ve filed bankruptcy in the past, how long before I can qualify for a VA loan?

Chapter 7 bankruptcy is acceptable if discharged at least two years ago (or one year if you can show extenuating circumstances) and after making 12 months of on-time payments to creditors. Chapter 13 bankruptcy is acceptable after discharge and 12 moths of on-time payments, with court/ bankruptcy judge approval.

Centex is a homebuilder, not a Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page lender. This is general information about financing the purchase of a home. For specific information about financing options that may be available to you, contact a Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page lender. Financing available through Pule Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page LLC. All loans are subject to Underwriting Underwriting Analysis of credit risk on a specific rate and term for a mortgage on a given property for given borrowers. View Glossary Page and loan qualifications of the lender. Rates, terms, and conditions are subject to change without notice. Pulte Mortgage Mortgage The loan and all the related supporting documentation arranged by the lender for the buyer to purchase a home. View Glossary Page LLC is an Equal Opportunity Lender. NMLS Entity #1791. www.pulteMortgage.com (www.nmlsconsumeraccess.org)