Question 1

What is a VA Home Loan?

Accepted Answer

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment.

Question 2

What Types of VA Loans Are Available?

Accepted Answer

Whether you are looking for a first mortgage, adding a second mortgage or trying to refinance an existing mortgage, it is helpful to understand more about the general loan classifications and types of VA loans available to you. Mortgage loans are categorized as either fixed rate mortgages (FRM), adjustable rate mortgages (ARM) or some combination (hybrid) of the two.

Question 3

Can I Refinance a VA Loan?

Accepted Answer

Some worry that refinancing takes too much time and money, but fortunately the process is simple. Refinancing is simply the process of paying of your existing loan with a new one. Your new loan could be for a better interest rate, a shorter/longer term, or a different amount. In fact, your new loan could be an entirely different type. For example, instead of an adjustable-rate mortgage you could opt for a fixed-rate mortgage.

Question 4

Was the bankruptcy discharged more than 2 years ago?

Accepted Answer

If the bankruptcy was discharged more than 2 years ago, it may be disregarded.

Question 5

Was the bankruptcy discharged within the last 1 to 2 years?

Accepted Answer

If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met: you and/or your spouse have reestablished satisfactory credit, and the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)

Question 6

Was the bankruptcy discharged within the past 12 months?

Accepted Answer

If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.

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