11 Common VA Loan Questions and Answers with Jimmy Vercellino

Jimmy Vercellino - MLO Specializing in VA Loans

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Serving Veterans is my civilian MOS! Need a mortgage or want to discuss your scenario? We are licensed and serving Veterans in 48 states for purchase and refinances.
Here is how to contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoansforvets.com
2. Email me at jimmy@valoansforvets.com
3. Call me 602-908-5849
Instagram- / jimmyv____
Facebook- / valoansforvets
Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
VALoansForVets.com Headquarters: 3602 E Campbell Ave, Phoenix, AZ 85018
Equal Housing Lender- For licensing, go to www.nmlsconsumeraccess.org
Top 1% VA Lenders in the Nation
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11 VA Loan Questions & Answers with Jimmy Vercellino
1. Should I get a second opinion on a VA Loan?
2. Is it possible to buy a home with a non-veteran other than your spouse such as a brother, sister, friend, girlfriend or boyfriend?
3. Can a couple purchase a home together using a VA loan before they're married?
4. Can I have a VA Loan if I foreclosed on my first VA Loan?
5. How can I be sure the lender I'm working with understands the VA loan process?
6. Is it really possible to have more than one VA Loan at a time?
7. Can you explain how my VA disability rating helps me to save money?
8. How long does it take to close on a VA loan?
9. What does a VA appraiser look for when they go to the property?
10. What is the minimum credit score I need to use my VA loan?
11. How soon do I have to occupy my new home after we close?
#valoans #valoansforvets #vahomeloans

Опубликовано:

17 июн 2021

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Комментарии : 123

@Themindisall41 Год назад

Great video man straight to the point I appreciate you 🙏😊 Thanks brother!

@JimmyVercellino Год назад

I appreicate you Reza!!

@maruseabucsek-edmunds1583 Год назад

Love the simplicity

@JimmyVercellino Год назад

Thank you!

@BrandonTylerWard 11 месяцев назад

Needed this content, look forward to hearing from you

@JimmyVercellino 11 месяцев назад

thank you!

@mattb253 Год назад

Great info, your video is fantastic 👌

@JimmyVercellino Год назад

Thank you! 💪💪

@chlorousel8767 7 месяцев назад

Going to Basic Combat Training on Jan 2nd 2024! This is really helpful. Thanks a lot!

@JimmyVercellino 7 месяцев назад

Let's go!!! Bless you my brother and thank you for your service to our great country!

@SalvadorHernandez-uu5cm 2 года назад

Very, very informative!

@JimmyVercellino 2 года назад

Happy Happy to heart that !

@jameskofahl3046 2 года назад

Great video's and info .

@JimmyVercellino 2 года назад

Thanks for watching! Appreciate the kind words James!

@jonezmela9788 Год назад

Great info. I'm looking to use my VA Loan. I have to get my credit score to 620. I'm definitely using your advice on doing my part. Thanks for your help and sharing this info!

@JimmyVercellino Год назад

Love it! You're on your way!

@johnwaller2751 11 месяцев назад

Thank you

@JimmyVercellino 11 месяцев назад

My pleasure!

@starkybrito652 2 года назад

thank you

@JimmyVercellino 2 года назад

My pleasure Starky!

@mannum1975 Год назад

I appreciate the time and effort you put into the information you give us Veterans.

@JimmyVercellino Год назад

Love bro. My pleasure!

@JohnJones-et5qv 6 месяцев назад

Need your assistance with A VA LOAN FIRST TIME BUYER DISABLED VETERAN TRYING TO BUY OUT MY SIBLINGS HOUSE NOW IN PROBATE NEED HELP ASAP THANKS

@TheDonutman44 2 года назад

Great info! Can you please explain again about being able to use rental money toward mortgage when you’re buying a second property and renting out prior house,etc…thx!

@JimmyVercellino 2 года назад

Thank you...it's simple. You can use 75% of the rent on the home that you plan to rent out after you vacate.

@dawnmuldrow3780 2 года назад

Good video

@JimmyVercellino 2 года назад

Thank you Dawn!

@jesseduarte1635 2 года назад

Marine Vet here, shout out to Jimmy thank you for this knowledge, Co-Bought a house 2 years ago with my brother(not a vet) where a VA loan was not used do I have it right that we can refinance with one? If so, would that actually kill the PMI we are currently paying?

@JimmyVercellino 2 года назад

Hey Jesse - thanks for the shout. Semper Fi sir. Yes, you could absolutely do that: Eliminate the PMI by refinancing into a VA Loan. Is your brother planning on staying on the loan with you? If so, there may be some additional requirements. Happy to discuss in greater detail if you'd like. jimmy@valoansforvets.com or visit our site at www.VALoansForVets.com

@jimmybellmon1268 Год назад

This is Jimmy from the Army, HUA

@JimmyVercellino Год назад

Ohrah Jimmy!

@bryanavant8655 Год назад

Semper Fi from Indianapolis!!

@JimmyVercellino Год назад

YUT!!!

@gabrieltobias9803 Год назад

Great content Jimmy 🤌🏽 Navy vet living in the sunshine state. Question: Assuming it differs from state to state but with 100% disability rating what are some direct impacts with using the VA loan?

@JimmyVercellino Год назад

Hi Gabriel, great to hear from you! You are entitled to have your VA Funding Fee Waived which will save you big when purchasing a home. Regarding taxes, in many cases in FL a Veteran with 100% VAD / P&T will be entitled to have some, possibly ALL of their property taxes waived. Let me know if I can personally assist you jimmy@valoansforvets.com

@lemuelbaguinbin2191 7 месяцев назад

Hey Jimmy thank you for all the good information. I’m active duty and planning on staying a little longer. I know for sure that I will have my disability when I get out of the military. My goal is to buy a house before I do and I was wondering if I would get refunded for the VAFF once my disability gets approved when I get out?

@JimmyVercellino 7 месяцев назад

My pleasure...If your claim is filed before you get under contract on a new home you may be entitled to a refund of the VA Funding Fee. I would be sure to confirm this info with VA. You can call them directly at 800-827-1000 . Hope that helps!

@aky1313 3 года назад

Hi Jimmy, on the question about two Va loans, you mention houses A and B. Quick question, is it there a minimum distance or travel times between these houses or as long as you live on House A for 12 months, you could buy house B on the same neighborhood?

@JimmyVercellino 3 года назад

So long as house b makes sense. Bigger sq footage, location, upgrade, etc.

@Themindisall41 Год назад

Great

@JimmyVercellino Год назад

Let's go!

@mannydoesrealestate Год назад

Bad ass!

@JimmyVercellino Год назад

Let's go!!!

@marid8375 2 года назад

Hi jimmy just came across your 💎 of channel and had a question. My husband is a vet and does receive disability as well and we recently refinanced our home of 11 years this summer, however we have been wanting to move to a location with more acreage, could we pull the equity out of our current house and use it towards a down payment or for renovation fees for the new property and turn around and rent out the first property? Trying to figure out what our best options are not just for now but for our future. Thanks in advance

@JimmyVercellino 2 года назад

Hi Mari, yes, you could certainly do that! I appreciate your kind words!

@klaupi Год назад

Hi Jimmy, I think you are doing an amazing job. Thank you! For the spouse of a Veteren, what are the conditions to qualify? Can you give me more details on this? I appreciate it

@JimmyVercellino Год назад

thank you so much! I have videos on qualification from credit scores and the necessary items needed that you're welcome to check out. Generally you'll want to have a min credit score of 620 to qualify coupled with a debt to income ratio in the 40's (this can go higher). Please let me know if you have any specific questions with an email to jimmy@valoansforvets.com

@chetcharles7279 Год назад

Jimmy this is Charles just wondering how I can find out about a VA loan eligibility and The amount I entitled to thank you so much for this video

@JimmyVercellino Год назад

Happy to chat sir. Please email me jimmy@valoansforvets.com

@MrHealthfiend 7 месяцев назад

Jimmy, former USMC Sgt OohRah... How does the VA funding fee reimbursement work? I had my VA disability case take 7 years to resolve and I paid a funding fee twice!!! Please let me know what to do

@JimmyVercellino 6 месяцев назад

Semper Fi ! I would call this number: 800-827-1000 (VA Benefits number) let them know when you filed your claim, and make sure you have a copy of the final closing disclosure for both properties purchased. That should get you going in the right direction with the reimbursement.

@DionJordanJr 2 года назад

I've been in the national guard since July 7, 2020. I have completed bootcamp ( 10 weeks) and begin OCS in February 2022. Am I eligible to use the VA home loan at this point?

@JimmyVercellino 2 года назад

Hi Dion - have you done any active duty service other than basic training?

@jimmybellmon1268 Год назад

Both my wife and I are Army Vets. I've just been diagnosed Anxiety, Depression, Bipolar, PTSD and waiting on my claim which should give unemployable. My wife is a manager at Walmart making around $50K. Do you have any content explaining the best way for us to apply?

@JimmyVercellino Год назад

Hi Jimmy! You can apply at www.VALoansForVets.com/apply

@carolinagarcia9786 3 года назад

When should I contact a lender to see how much I can afford? Before choosing a property?

@JimmyVercellino 3 года назад

Great question. My suggestion would be you do that up front before you shop for houses. This will be a mandatory requirement from your agent. You are welcome to apply with me at www.VALoansForVets.com/apply

@Saavysav Год назад

Hey Jimmy, active duty army here. I’m currently stationed in Korea for an unaccompanied tour (1 year), and was wondering if it is possible to start the process while I am out here (PCS, TDY, or even deployed) so when I arrive back to the states it can be ready for move in. Also, is it possible to use the VA loan for a new home build? Would it also be able to work in conjunction with my first question? Thank you for your time and service.

@JimmyVercellino Год назад

Great question Alex. The answer is yes. However there are a few things that you will want to keep in mind. The home you are buying needs to be located in the vicinity of your duty station and you must occupy when you come home from deployment. Last with respect to buying the home from a new home build 100% that can be done. My email address is jimmy@valoansforvets.com feel free to reach out if we can help you navigate.

@Moshie321 3 года назад

I have a Credit score of over 700 I have a home through the VA and I would like to use my VA loan again for a house in a better area. Do I just apply for the loan again like I did before?

@JimmyVercellino 3 года назад

That’s correct sir. You would apply for the VA Loan with a mortgage lender. If you would like me to be a resource for your upcoming mortgage you can go to www.VALoansForVets.com/apply

@DizyPanda2012 3 года назад

I’m considering enlisting active duty Air Force and currently have a fico of 750 + with comparable credit and a diverse credit portfolio with no derogatory credit. I wanted to take advantage of the zero down payment perk I would get using a VA Loan, would you know if I would become eligible after completing my BMT and tech school? I know there’s a minimum requirement of 90 active duty, would those two trainings fall under active duty? In your experience, have you had individuals qualify for a VA shortly after coming out of tech school? Thank you for the informative videos.

@JimmyVercellino 3 года назад

Hi Jaime - it’s my pleasure. VA requires you are on active duty for min 90 days before you can purchase a home. This does include boot camp. So in essence you could purchase after 90 days of being on active duty after basic. My experience is service members he don’t purchase until at least 1 year after being in the military once they get settled into their unit.

@DizyPanda2012 3 года назад

@@JimmyVercellino I appreciate the timely response and valuable information thanks for the help and your time.

@fuhxqxlugo Год назад

i've heard that certain disability ratings can waive closing costs. is that true?

@JimmyVercellino Год назад

Hey Anthony, a VAD rating of 10% will allow you to have your VA Funding Fee waived.

@chrishead57 2 года назад

I am currently in the navy and will be PCSing soon to Florida, but would like to purchase a house here in San diego were I am PCSing from. Is that possible or can I only purchase from my current location since I have to live in the residence for 1 year.

@JimmyVercellino 2 года назад

If you are not going to live in the property as your primary residence I am going to say that this would NOT be acceptable per VA guidelines. Have you considered purchasing as a 2nd home / conventional loan? Does your family intend on occupying the home? When are you EAS'ing?

@thechatterbot Год назад

Hello, I just want to start off by saying thank you for all this information. I want to let you know I have a property currently that is being rented. I used the FHA loan. So my biggest question is if there is proof that the mortgage is being payed off by the tenant can I still use the VA loan?

@JimmyVercellino Год назад

It’s my pleasure Juan! 💯💪 yes sir you certainly could. A simple lease agreement between you and the renters would suffice.

@thechatterbot Год назад

@@JimmyVercellino perfect thank you

@robertretic1281 3 года назад

Good evening, Can you utilize the VA Loan to build your own home? If so, could you explain the process for that?

@JimmyVercellino 3 года назад

Actually I can. I have a video on my channel all about VA C2P check it out. It’s titled “VA C2P yes it’s a thing.”

@robertretic1281 3 года назад

@@JimmyVercellino Thank you! I looked for it but I didn’t see it.

@JimmyVercellino 3 года назад

@@robertretic1281 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-1q4_xhZSdl8.html

@veger5872 9 месяцев назад

Can you buy-down the rate on a VA Loan and if so how much would you need to pay to buy down the rate 1 point on a $400K home? Thank You!

@JimmyVercellino 8 месяцев назад

Hi really good question. It's really going to depend on the day of lock and what's happening with rate sheets that day. However, a good rule of thumb is for every .25% you buy down you might expect to see a roughly 1% cost. Hope that helps!

@renataklein3613 Год назад

I’m a Navy vet and would like to purchase a home in California that is on a 20 acres parcel of agricultural land (established grapes vineyard). The house was parceled out from the land by the owner and we’re interested in buying both, is this possible with a VA loan?

@JimmyVercellino Год назад

Only if you invite me over for wine.... ;-) VA will only allow us to use it to buy the home on the parcel by itself. You'll need to look at some sort of ag loan for the other parcel perhaps.

@amandamcmanaway6593 Год назад

So big question my dad has passed he was disabled at death my mom receives VA benefits For the last 15 years how would she go about buying a home with the benefit and with a VA loan

@JimmyVercellino Год назад

We would document this with the va. If you can reach out to my office directly we can assist with guiding thru the steps.

@mauricewalker6990 3 месяца назад

💯🙏🏽😇❤️

@JimmyVercellino 3 месяца назад

:-)

@jchairez7235 7 месяцев назад

Hey Jimmy, is the credit score only based on the veteran or it can be both veteran and spouse? Thanks

@JimmyVercellino 7 месяцев назад

Good question - all lenders will use the middle score of the lowest borrower. Hope that helps - let me know if you have any other questions. Jimmy@valoansforvets.com

@hollywoodclipp Год назад

Hey Jimmy when I do a va loan when can I refinance it to make it a conventional loan?

@JimmyVercellino Год назад

You most certainly can Hollywood!

@calebskinner5317 Год назад

If you qualify for VA disability after you get your home, can you then get the fee waved?

@JimmyVercellino Год назад

Only if your claim was filed prior to you closing on the house.

@lilphez7938 2 года назад

how can i find out what is my current VA loan amount entitlement?

@JimmyVercellino 2 года назад

Easy: All you need to do is go to your ebenefits portal an pull a copy of your COE. Let me know if you have any other questions. To learn more you can visit my website at www.VALoansForVets.com

@johnshue8082 Год назад

Are sellers required to pay any buyer VA closing costs? If so, are these costs plainly stated up front?

@JimmyVercellino Год назад

Hi John - great question. Contrary to popular belief there are NO mandatory fees the seller must pay on behalf of a Veteran.

@johnshue8082 Год назад

@@JimmyVercellino Thanks for your reply!

@keith125 2 года назад

Do lenders look at your age (late 50's) when buying a home and figure you won't be around to pay it off and reject you?

@JimmyVercellino 2 года назад

No sir. A lender may not discriminate based off of the age of the applicant.

@brittanypaul4241 Месяц назад

Can you pay the VA funding fee up front?

@JimmyVercellino Месяц назад

Good question. You sure can.

@jcolling 2 года назад

Army Vet here, you file bankruptcy and the house is foreclosed. If the house goes to auction and is auctioned off for more than the VA loan amount, due to the value going up, can the mortgage company still collect from the VA?

@JimmyVercellino 2 года назад

Hi James - in situations like these it’s best to consultant with a real estate attorney. However I’ll give you my opinion and only that. I believe they can and they will. The fact remains that the loan still went into default and therefore the lender likely received the 25% guarantee from VA. You may however have remaining entitlement that could be applied towards another purchase so you would want confirm what entitlement you have left. Hope that helps.

@msimrow 2 года назад

What are the minimum credit requirements for a VA loan?

@JimmyVercellino 2 года назад

Hi Mark! Min credit score will vary for lenders. Most require a min 620. However, there are lenders who may go lower.

@mamakaiigamez Год назад

Hello jimmy! Me and my husband is planning to use our VA home loan But I’m curious to know if renting is more cheaper than buying a home with VA loan?

@JimmyVercellino Год назад

It really depends on where you're looking to purchase. If you shoot me an email at jimmy@valoansforvets.com we can unpack this together.

@AlexRealejo Год назад

Nice Panerai

@JimmyVercellino Год назад

💪💪💪💯💯💯

@derekbrown1855 Год назад

How does credit score effect loan eligibility?

@JimmyVercellino Год назад

Credit score does not impact eligibility as VA does not have a min credit score requirement. However the lender does and that can impact a veterans ability to qualify. Generally speaking lenders look for a min credit score of 620 although some may go lower.

@sherry1350 2 года назад

Do you do va rehab loans there?

@JimmyVercellino 2 года назад

Thanks for the question Sherry. We don't currently offer VA Rehab loans.

@th1910 Год назад

If I take out a VA loan and live there for a year, then rent it out would it consider an investment property, or not. Thank you.

@JimmyVercellino Год назад

It would be considered a primary residence, live in it for 1 year then buy a new primary.

@th1910 Год назад

@@JimmyVercellino Thank you for the reply back, so for VA loan is just a year. How come some peoples to you need to live there for 2 years, to not make it a investment property.

@mikehernandez7462 Месяц назад

What interest rate can you offer today with a 660-680 credit score, $369,000 loan. I really would like my dream to own a home again after 14 years of divorce

@JimmyVercellino Месяц назад

We see VA Loans trading in the 6's at the moment. The rate will depend on several different factors from day of lock, credit score, etc. Let's make it happen! :-)

@michelleharris4964 Год назад

Are you licensed in Tx

@JimmyVercellino Год назад

Yes indeed! 💯💪

@cakish97 Год назад

Bankruptcy in the past?

@JimmyVercellino Год назад

Hi Cheryl, VA only requires a 2 year waiting period. It's important that you meet the lenders min credit score requirement and also establish a clean payment history after the BK.

@cyberknife82 Год назад

So if I buy a house with my wife I need to put down 12.5 percent?

@JimmyVercellino Год назад

No sir. If you're a Veteran purchasing a home with your spouse no down payment required assuming you have full entitlement. Let me know if I can answer any other questions jimmy@valoansforvets.com