Learn about the VA Loan Options

I found this information on my preferred lenders site, Shelter Mortgage and wanted to share it with you.  Let me know if you have any further questions and I will do whatever research is necessary to answer your questions.  Thanks, Trent Stein, Your PROFESSIONAL REALTOR®

VA Loans - Our salute to you!

Are you a veteran looking to finance your new home? We're glad you found us, because we have favorable loan options structured specifically for veterans. Additionally, we are a VA Automatic Lender, which means that we have the capability to save you time by approving your loan right away.


How much can I borrow?
VA loan amounts are contingent upon the VA limits in effect at the time of application and upon the veteran's unused entitlement amount.

Who pays discount points for these loan types?
Discount points vary according to the interest rate selected. The buyer, seller or any third party may pay discount points on VA loans.

What is the funding fee on a VA loan?
Depending on the down payment, the funding fee ranges between 2% and 3% of the loan amount.

Is there any prepayment penalty?
VA loans do not have a prepayment penalty.

How many times may I use my VA entitlement to get a VA loan?
Under certain circumstances, you may use your VA entitlement more than once. In many instances a veteran can obtain 100% financing.

Who pays for the closing costs?
Closing costs may be paid by anyone.

VA Eligibility

VA Loans are open to all veterans who have served a minimum number of active duty days during any one of the following eligibility periods:

    A veteran is eligible for VA home loan benefits if he or she served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard after September 15, 1940, and was discharged under conditions other than dishonorable after either:
  • 90 days or more, any part of which occurred during wartime, or
  • 181 continuous days or more (peacetime).
    2 Year Requirement: A greater length of service is required for veterans who
  • Enlisted (and service began) after September 7, 1980, or
  • Entered service as an officer after October 16, 1981.
    These veterans must have completed either
  • 24 continuous months of active duty, or
  • the full period for which called or ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime).
World War II
9/16/40 - 7/25/47
Post World War II period
7/26/47 - 6/26/50
Korean conflict
6/27/50 - 1/31/55
Post Korean period
2/1/55 - 8/4/64
Vietnam Era
8/5/64 - 5/7/75
(The Vietnam Era begins 2/28/61
for those individuals who served
in the Republic of Vietnam.)
Post Vietnam period
5/8/75 - 8/1/90
Persian Gulf War
8/2/90 - date to be determined

For more information, please click here to find a loan officer near you.

You can even Apply Online For Your Mortgage today!

Trent Stein

Trent Stein

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