Veterans Administration Loan Benefit FAQ

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 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, 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?

The Certificate of Eligibility provides information necessary for VA loan Application analysis. Pulte Mortgage will qualify you based on an analysis of the Certificate of Eligibility, income, asset and credit history.

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

Pulte Mortgage 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 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). The VA does allow for loan amounts greater than $417,000 based on the amount of your Down Payment .

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 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.

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 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.