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Va Home Loan Glossary

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Va Home Loan Glossary

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  1. VA Home Loan Glossary Certificate of Eligibility Certificate of Eligibility is given to qualified veterans by the U.S. Department of Veterans Affairs. Veterans can obtain this certificate by sending in their DD Form-214. This certificate serves as evidence of the veteran's entitlement for a VA Loan. Employment Verification Veterans are required to submit proof of employment, income, and job security in order to qualify for the loan. Entitlement Entitlement is the borrowed amount that the VA pledges to pay the lender if a borrower fails to do so. PITI PITI is the acronym given to the components of a monthly mortgage payment. It stands for Principal, Interest, Taxes, and Insurance. Prepayment Penalties Sometimes the lender charges a penalty to the borrower when they pay off their mortgage loan early. This amount is referred to as a prepayment penalty. However, there is no prepayment penalty on VA Loans. VA Funding Fee The VA funding fee is a certain amount of money collected by the U.S. Department of Veterans Affairs to cover the cost of the VA Loan program. This fee is calculated as a percentage of the total loan amount. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 2422 E. Main St. Gatesville, TX 76528 254-248-0029 1980 E. Baseline Rd., Ste. 103 Tempe, AZ 85283 480-752-3110 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 5290 McNutt Rd., Ste. 105 Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik

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