What kind of questions (asked by lender) should I be prepared for on a Veteran's administration purchase loan?

When shopping around for a mortgage pre-approval, there are quite a few questions that you need to answer for your Lender on a VA purchase loan. When the Lender takes the application they should be asking you the following questions AS THEY COULD SERIOUSLY AFFECT YOUR LOAN APPROVAL!:

1. What branch of service are you /were you in? (Army, Navy, Air Force, Marine Core)

2. Are you active duty, released or on reserve?

3. When you purchase, will you be transferring stations? Can you provide transfer papers?

4. Do you currently have a VA loan? If so, will it be sold?

5. Have you ever used your eligibility?

6. Can you provide a certificate of eligibility? DD214?

7. Are you married?

8. Do you have any children? If so, do you pay for day care? Are you willing to write a statement to that effect?

9. How much are you willing to put down? The funding fee varies by down payment and your status of service. 0 and 5% down payments make a difference.

10. Do you currently receive disability income from VA?

11. Are you purchasing a condo or new home? If so, VA may have approval requirements for condos or new construction.

Be prepared to answer these questions in advance, as they could potentially affect your VA loan. If your lender does not ask these questions, they are not property qualifying you for a VA loan. Call me if you have any questions. I would be happy to help!

Here are the latest funding fee tables:

Funding Fee Tables		Purchase And Construction Loans Note: The funding fee for regular military first time use from 1/1/04 to 9/30/04 is 2.2 percent. This figure drops to 2.15 percent on 10/1/04.
Type of Veteran	Down Payment		First Time Use	Subsequent Use for loans from 1/1/04 to 9/30/2011
Regular Military	None 5% or more (up to 10%) 10% or more		2.15% 1.50% 1.25%	3.3% * 1.50% 1.25%
Reserves/ National Guard	None 5% or more (up to 10%) 10% or more		2.4% 1.75% 1.5%	3.3% * 1.75% 1.5%

Cash-Out Refinancing Loans (max $144,000 loan amt usually)

Type of Veteran	Percentage for First Time Use	Percentage for Subsequent Use
Regular Military	2.15%	3.3% *
Reserves/National Guard	2.4%	3.3% *

* The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan.

	Other Types Of Loans
Type of Loan		Percentage for Either Type of Veteran Whether First Time or Subsequent Use
Interest Rate Reduction Refinancing Loans		.50%
Manufactured Home Loans		1.00%
Loan Assumptions		.50%