VA Mortgage

 A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, designed to help veterans, active-duty service members, and eligible family members purchase a home with favorable terms. 

• No Down Payment Required
• Competitive Interest Rates
• No Private Mortgage Insurance (PMI)
• Flexible Credit Requirements 

 You may be eligible if you are:

• An active-duty service member
• A veteran with an honorable discharge
• A surviving spouse of a service member (with specific conditions)

 Yes, VA loans are reusable. If you’ve paid off your previous VA loan or sold the home, you can apply for another one. You may also be able to use your VA benefits for a second loan if your remaining entitlement is sufficient. 

 VA loans are intended for primary residences only. However, you may use it to buy a second home if you plan to make it your primary residence (e.g., relocating due to PCS orders). 

 Yes, a Certificate of Eligibility (COE) is required to prove to lenders that you meet the VA’s service requirements. Your loan officer, like Viktoria Green, can help you obtain it. 

  No, VA loans can also be used to buy condos, multi-family properties (up to 4 units), and manufactured homes, as long as they meet VA standards. 

Yes,

VA Interest Rate Reduction Refinance Loan (IRRRL): Streamlines refinancing to reduce your rate or monthly payments.

VA Cash-Out Refinance: Allows you to take cash out of your home equity while refinancing.

 The VA itself doesn’t set a minimum credit score, but most lenders typically require a score of 580–620. But, Viktoria Green can help if your score is below 580

 The VA loan process generally takes 30–45 days, depending on the complexity of your case and the responsiveness of all parties involved. 

 Yes, there are closing costs, but VA loans cap what borrowers can be charged. Additionally, sellers can pay up to 4% of the home’s price toward closing costs, reducing the out-of-pocket expenses for buyers. 

 The VA funding fee is a one-time fee paid to help sustain the VA loan program. It varies based on your loan amount and whether it's your first VA loan. Certain groups, such as veterans with service-connected disabilities, may be exempt from paying the funding fee. 

 Yes, you can still qualify for a VA loan after bankruptcy or foreclosure. However, there’s usually a waiting period:

• Chapter 7 Bankruptcy: 2 years from discharge.
• Foreclosure: 2 years from completion.

 You can use a VA loan to purchase:

• Single-family homes
• Condos in VA-approved developments
• Manufactured homes (with land)
• Multi-family properties (up to 4 units)
• Newly built homes (must meet VA standards)