505-881-0801 | Info@InfinitiMortgageNM.com | New Mexico MLS ID #187935 - #224396

VA Loan FAQ

Frequently Asked Questions About VA Mortgages

Purchasing a new home with a Veterans Affairs loan is an exciting but sometimes confusing process. We have compiled a list of some of the most frequently asked questions about VA loans in order to clear up some of the confusion.

Q: What will my VA mortgage loan interest rate be?

A: Your loan rate depends on many factors. These interest rates change frequently, often daily, and are subject to fluctuations in the economy, housing market and bond rates.

Although these rates change daily, experienced loan officers at Infiniti Mortgage, LLC know the current rates and are trained to watch trends that may indicate upcoming rates.

Q: How long does the process take to obtain a VA mortgage loan?

A: At Infiniti Mortgage, LLC, we know that moving into your new home as quickly as possible is one of your main goals. From start to close, we can have the mortgage loan process completed in as few as 30 days, depending on the market for your home and your current financial situation.

Once you come in for an initial consultation, your mortgage loan officer will have a better idea of your goals and can give you a more accurate estimate. We always strive to get to the closing table on-time so you can move into your new home as quickly as possible.

Q: What is private mortgage insurance, and am I required to obtain it on a VA loan?

A: Private mortgage insurance, or PMI, is insurance a borrower must purchase to protect the lender in the event that you cannot pay your loan.

PMI is not required on a VA loan. Unlike private loans, VA mortgage loans are insured by the Department of Veterans Affairs. Therefore, VA mortgage lenders do not require borrowers to obtain any additional insurance.

Q: Who is eligible for a VA loan?

A: Active, retired and honorably discharged military personnel and their surviving spouses are eligible for VA home loans. However, other eligibility requirements must be met, including:

  • Having a credit score of 620 or above
  • Having the financial means to repay the loan
  • Having the home be the primary residence

If you are unsure about your eligibility for a VA home loan, an experienced loan officer from Infiniti Mortgage, LLC can help determine whether or not you qualify.

If you still have additional questions about VA mortgage loans or the lending process, please contact us at Infiniti Mortgage, LLC. An experienced mortgage broker will speak with you during a free consultation about your questions and to walk you through the process from start to finish.

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New Mexico MLS ID #187935 - #224396