VA

Most eligible Veterans pay a one-time VA Funding Fee. The fee amount shown is estimated based on your down payment percentage, whether this is your first or a subsequent use of a VA loan, and your selected exemption status. This fee is typically financed into the Total Loan Amount. Borrowers are exempt from the VA funding fee if they receive VA disability compensation, are eligible but awaiting disability pay, are a surviving spouse of a veteran, or are an active duty service member awarded the Purple Heart.

VA loans typically have more flexible credit requirements compared to conventional loans. While the VA doesn't set a specific minimum score, lenders may require a credit score of around 620 or higher, but other factors like income and employment history are also considered.

Yes, VA loans offer two main refinancing options: the Interest Rate Reduction Refinance Loan (IRRRL), which allows you to lower your interest rate, and the Cash-Out Refinance Loan, which allows you to take equity out of your home. Both options can provide significant savings.

Closing costs for a VA loan can vary depending on several factors, including the loan amount, location, and the specific terms of the loan. However, they generally include standard fees such as appraisal fees, credit report fees, title insurance, and recording fees. We'll provide a full estimate in advance so you know what to prepare for.

All things considered, VA loans are almost always the best route for a Veteran to take. We will compare the two side by side during your Pre-Approval review so you know all of your options.

VA loans use two main methods to evaluate income: Debt-to-Income (DTI) Ratio and Residual Income. While DTI compares monthly debts to gross income, the VA also analyzes Residual Income, the amount of money left after major expenses like housing, taxes, and debts. This helps ensure Veterans have enough funds for basic living expenses like food, gas, and utilities. We will analyze this with you in detail during the Loan Review process.

VA appraisals include both a valuation and a health and safety inspection to ensure the home meets Minimum Property Requirements (MPRs). These include adequate heating, electrical systems, a safe roof, clean water, no lead-based paint hazards (on homes built before 1978), and no structural or pest issues that could affect habitability. The property must be safe, sound, and sanitary before closing.

The user experience with a Mortgage Broker and bank/retail lender is the same in many ways, you work directly with us and our loan officers, just as you would with the loan officers at a bank/retail lender. The key difference is where your loan is funded and how that impacts your options, rates, and costs.

When you work with a bank or direct to consumer retail lender, you’re limited to that institution’s loan products, rates, and guidelines.

As a Mortgage Broker, we still handle the entire process, but instead of using a single bank’s products, we access wholesale mortgage lenders that fund the loans. These lenders don’t work directly with consumers, they provide funding through brokers like Murray Mortgage Solutions, allowing for lower rates, reduced fees, and a wider range of loan options.

So while the process may feel similar, working with a Mortgage Broker not only provides access to better rates and lower fees but also delivers a more personalized, flexible, and streamlined experience tailored to your needs. Visit our “What is a Mortgage Broker” on our Insights Page to learn more.