Question 1

Who Qualifies for the program?

Accepted Answer

All ranks of active military, reserves and veterans of the U.S. Army, Navy, Air Force, Marine Corps, Space Force, Coast Guard and DOD.

Question 2

How much can you typically save?

Accepted Answer

On average you'll save +/-$2,000.  When you buy or sell a home with 4vetsonly and use our MRP certified realtor you will get $1,000.  When you work with our certified VA mortgage professional you will get .5% off your mortgage rate, which average around $600.  When you use our attorney you will save $150 and $50 on your home inspection.

Question 3

Do I need to use all your services to receive the savings?

Accepted Answer

You do not need to use all of our services. However, each benefit you work with will add to your savings amount.

Question 4

When will 4VetsOnly contact me?

Accepted Answer

After you register, one of our local real estate and mortgage professionals will reach out to you within 24 hours.

Question 5

Is 4VetsOnly a non-profit or for-profit company?

Accepted Answer

4VetsOnly is a for-profit cause-related company that fuels our giving to vets by providing real estate, mortgage, attorney and inspection services to veterans.

Question 6

Should my Realtor be VA Saavy?

Accepted Answer

VA loans are an incredible benefit for those who've proudly served our country. They're also a specialized product that some real estate agents are more familiar with than others. You don't want a novice in your corner when the time comes to utilize these hard-earned benefits. A real estate agent who understands the promise and potential of this program can save you time and money in a host of ways.

Question 7

Should I get a home inspection?

Accepted Answer

This is more than a recommendation.  For most Americans their home is the largest investment, so why wouldn't you want a clear look at what problems may be present that you may not see?  The home inspection is the cheapest "insurance" that you don't purchase a lemon of a house.  Unlike the appraisal, the home inspection is not mandatory, but you should think of it that way.  You will need to pay for the home inspection at the time of inspection, but you will get $50 off when you use our VA supportive home inspector.

Question 8

Do I have to live in the home I purchase?

Accepted Answer

The VA loan program has occupancy requirements because it's a program for primary residences. Generally, you're supposed to occupy the property within 60 days of closing. A spouse can fulfill the requirement, which is one of the ways deployed or otherwise unavailable military members can purchase homes while serving.  VA mortgages are programs designed for owner-occupancy.

Question 9

Do we have to tell the sellers that we are using a VA Loan?

Accepted Answer

Georgia real estate contracts detail how you are financing the property (cash or mortgage loan). Prospective buyers using a home loan will usually need to specify the loan type, e.g., conventional, FHA, VA. Getting preapproved and having a MRP, VA-savvy Realtor  are two key steps that can help.

Question 10

I'm not sure how good my credit is?

Accepted Answer

Our VA mortgage professional will help to advise you through the entire process.  Register online and they will reach out to you and provide the most accurate information and guidance on your ability to obtain VA financing.

Question 11

Do I need a VA Certificate of Eligibility (COE) to start the loan process?

Accepted Answer

You don't need to have your VA Certificate of Eligibility to start the VA loan process. It's common for lenders to get this document for you a little later down the road. By all means, you can certainly obtain yours if you're concerned about your entitlement amount or just feel better having proof of your benefit. Using the VA's eBenefits Portal is typically the quickest way when possible.

Question 12

Should I check my credit before applying?

Accepted Answer

You don't have to check your credit before applying. That said, your credit profile plays a crucial role in your ability to land a home loan and the type of rates and terms available. You can get a free copy of your credit report from Annualcreditreport.com.

Question 13

Can I use a VA loan more than once?

Accepted Answer

Once you earn the VA home loan benefit, it's yours for life. This isn't a one-time lending option or a program exclusively for first-time homebuyers. You can use these benefits over and over again.  In certain circumstances, it's possible to have more than one VA loan at the same time.

Question 14

Should my Lender be VA Saavy?

Accepted Answer

VA loans are an incredible benefit as well as a specialized product that some lenders are more familiar with than others. You don't want a novice when the time comes get the loan processed smoothly and quickly.  A certified VA lender who understands the steps and potential potholes will save you time, money and help you to get into your new home.

Question 15

Can I purchase a bank-owned or short-sale property with a VA loan?

Accepted Answer

Yes, but properties that are in disrepair or have sat vacant for a while will most likely pose problems.  VA has minimum property requirements that cover broad health and safety issues that need to be met in order to satisfy the VA appraisal process.  Most homes in need of repair will most likely not qualify and it's tough to get a bank or a seller in default to make the repairs, which must be completed prior to closing. Having a MRP Realtor who understands working within the VA requirements is a must.

Question 16

Can I purchase a condo or town home with a VA loan?

Accepted Answer

Townhomes are acceptable property types for your VA benefit.  Condos are acceptable also but there is a potential wrinkle that the condo development must be on the VA's list of Approved Condominiums.

Question 17

Can I purchase a muti-unit property?

Accepted Answer

Qualified VA borrowers can purchase up to a four-unit property provided they live in one of those four as their primary residence. But in some cases you may need several months of reserves in the bank when purchasing these types of properties.  Single Family, Duplexes, Triplexes and Quads are all acceptable.

Question 18

Should I worry about the VA Appraisal?

Accepted Answer

The VA wants veterans purchasing homes that are "move-in ready." To that end, independent VA appraisers have to make sure your home purchase meets a set of minimum property requirements as part of the VA appraisal process.  Any defects or issues noted by the appraiser have to be completed before the loan can close. The issue is you -- the veteran purchasing the home -- can't be the one to make those changes.

Question 19

Will I need to put money down?

Accepted Answer

About 8 in 10 VA homebuyers purchase without making a down payment.  It's not unheard of for the seller to pay some or all of your closing costs.  That being said, you'll still need up front money to cover things like earnest money deposit, appriaisal fees and inspection fees.

Question 20

What is a pre-approval letter?

Accepted Answer

A VA preapproval letter gives you the ability to show a seller that you are tentatively approved to quality for a VA mortgage and that you have the financial stability to purchase a home up to a stated amount.  Preapproval in particular is important in that it shows sellers you're a serious candidate who's likely to make it to closing day.

Question 21

Is it hard to get a VA Loan?

Accepted Answer

While the VA mortgage is a specialized mortgage product, it's not different or more difficult to obtain than any other mortgage type. With VA loans being a $0 down payment, it's arguably easier to obtain without the hurdle of needing much more money to put as a down payment.

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