Question 1

What is a VA loan?

Accepted Answer

A VA loan is a mortgage benefit for eligible veterans, active-duty service members, and surviving spouses. VA loans typically require no down payment for eligible borrowers and no private mortgage insurance.

Question 2

Who is eligible for a VA loan?

Accepted Answer

Eligibility is based on your military service history, duty status, and other VA requirements. Veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses may qualify. Your Certificate of Eligibility (COE) confirms your benefit.

Question 3

What is a VA IRRRL?

Accepted Answer

A VA Interest Rate Reduction Refinance Loan (IRRRL), also called a VA streamline refinance, is for homeowners who already have a VA loan and want to lower their rate or monthly payment. It is a streamlined refinance path with reduced documentation for eligible borrowers. In many cases, a non-credit qualifying IRRRL does not require a credit score. If your new payment increases by 20% or more, a full credit-qualifying refinance may be required. Your rate may vary. Subject to credit approval and program guidelines.

Question 4

Do VA loans require a down payment?

Accepted Answer

Many eligible borrowers can purchase a home with no down payment on a VA loan. Down payment requirements can vary based on entitlement, loan amount, and other factors. Sebonic shows your personalized options, including down payment, rate, and fees, in your instant rate quote.

Question 5

Do VA loans have PMI?

Accepted Answer

No. VA loans do not require private mortgage insurance (PMI), even with no down payment for eligible borrowers. VA loans do include a one-time VA funding fee in most cases, which can often be financed into the loan amount.

Question 6

What is the VA funding fee?

Accepted Answer

The VA funding fee helps keep the VA loan program running for future veterans. The amount depends on your service status, down payment, and whether it is your first VA loan use. Some borrowers may be exempt, including veterans receiving VA disability compensation, certain surviving spouses, and active-duty service members awarded the Purple Heart. Exemption is confirmed on your Certificate of Eligibility (COE).

Question 7

What's the difference between a VA IRRRL and a VA cash-out refinance?

Accepted Answer

A VA IRRRL is a streamlined refinance for an existing VA loan when you want a lower rate or payment. You are not taking cash out, and credit underwriting is often reduced. A VA cash-out refinance replaces your current mortgage with a larger loan so you can access equity in cash. Cash-out refinances are credit-qualifying and generally require a minimum credit score of 550, subject to program guidelines. Each path has different guidelines and costs.

Question 8

Can I see my VA loan rate without calling?

Accepted Answer

Yes. Sebonic is built for online, self-serve access. You can see personalized VA rate options, compare programs, and review fees online. No phone call required to get started. No cost. No commitment.

Question 9

How do I get a VA Certificate of Eligibility (COE)?

Accepted Answer

You can request a VA Certificate of Eligibility (COE) through VA eBenefits, through your lender, or you may already have entitlement on file from a prior VA loan. The COE confirms your VA home loan benefit.

Question 10

What credit score do I need for a VA loan?

Accepted Answer

While the VA does not set a minimum credit score, Sebonic's VA purchase, rate and term refinance, and cash-out refinance programs generally require a minimum credit score of 550. Higher minimums may apply for certain loan amounts or property types. VA IRRRL streamlined refinances often do not require credit underwriting in most cases. Your rate may vary. Subject to credit approval and program guidelines.

Question 11

What are current VA loan limits?

Accepted Answer

VA loans follow conforming loan limits set by the FHFA, which vary by county. Borrowers with full entitlement often have no VA-specific loan cap in most cases. Loan amounts also depend on entitlement, income, and property.

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