You must be ELIGIBLE to use the VA loan: Just because you are serving, served, or currently in the Guard/Reserves doesn't mean you are automatically eligible for the VA loan. It is very important that your COE is obtained first and foremost. I can obtain your COE for you or you can do it HERE.

Active Duty PCSing: If you are PCSing it is important that we have a copy of your orders and location of new base, so we can calculate the new BHS amount. BHS can be used as income, but we cannot use your current duty stations BHS.

Exiting The Military: If your ETS date is within 12 months or less, of the close date of the home you are purchasing, we must verify that you will be re-enlisting and you are eligible for re-enlistment. If not, then a letter of employment (offer letter) is required or other compensating factors can be used.

Can you have two VA loans at once: Yes, you can have two VA loans at once. As long as you have $1 of entitlement and can qualify, you can have as many VA loans you want.

Using your VA loan for a second time: Using the VA loan for a second time requires a calculation of what is called remaining entitlement. This will let you know if a down payment is required. The down payment will be 25% of the difference from the max entitlement amount and the purchase price so the home.

Can you use your VA loan after foreclosure: Yes. You have two options in this scenario, pay the VA back the amount guaranteed no the foreclosed home, or calculate your remaining entitlement to see how much you can purchase with 0% down.

Does the VA loan offer construction or rehab loans: Yes. The VA does over a rehabilitation loan up to $100k and a one-time construction loan that allows you to purchase the land and cost of construction

Does the VA have a minimum credit score: No. the VA does not have a minimum credit score, but lenders will impose their own minimums. Large retail lenders will often use 620, but Valor Mortgage can go down to a 500 FICO

What is residual income: Residual income is the amount of income that remains from your gross wages after deducting all debts, mortgage payment, child care expenses, and a .14 cent utility expense per sqft of the home. The residual income that is required on a monthly bases is based on the household size and geographical location. If the residual income is short even $1, the loan will be denied