VA

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan.

Yes, as with many loan programs, VA loans do come with some of the standard closing costs and fees. One fee that is specific to VA loans is the VA funding fee. This one-time fee is paid directly to the VA to help keep the loan program going. The size of the VA funding fee depends on a few factors. For first-time use, the funding fee is set at 2.3% of the total amount borrowed. The funding fee increases to 3.6% for borrowers who have previously used the VA loan program but can be reduced by putting money down. Veterans who are deemed to be more than 10% disabled are exempt from this fee. There are a few ways you can avoid paying the VA funding fee out of pocket. You can negotiate to have the seller pay this fee, or you can roll the funding fee into your mortgage and finance it over the life of the loan.

As many times as you like! There’s no limit on how many VA loans you can take out throughout your lifetime. The only requirement is that VA loans must be used only to purchase or refinance a primary residence. In addition, your entitlement (the amount the VA is willing to guarantee for your loan) is finite. Once you’ve used it up, you cannot take out another VA loan without restoring your entitlement. Normally, you’d have to sell the home that is financed under the VA loan to restore your entitlement. However, the VA offers a one-time entitlement restoration for individuals who have paid off their VA loan but still own their property. This perk can be used whether the loan was paid off entirely or refinanced into a different loan, such as a conventional loan