VA Loan FAQ

VA Loans

The Veterans Administration began in 1944 as a result of the original G.I. Bill of Rights, signed into law by Franklin Delano Roosevelt. It provided veterans with many benefits, including federally guaranteed VA mortgages, so they could own a home with no down payment. This feature was intended to give housing assistance to veterans and their families. Wallick and Volk Mortgage Bank proudly writes VA guaranteed mortgage loans for Veterans who have served our country to purchase their primary residence.

Why use my VA?

The VA loan is a program set up to help active duty and retired military personnel into homes. They will give you 100% financing on a home without having to pay mortgage insurance at a very competitive rate. The VA also limits the types of fees that can be charged protecting against predatory lending. There are numerous options available with Zero for the Hero program for maximizing your financial goals.

I already obtained one VA Loan. Can I get another one?

Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for an additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the Veteran must send a completed VA FORM 26-1880 to our VA Processing Division (888-241-7078 fax). To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 Settlement Statement completed in connection with a sale of the property or refinance of the prior loan.

How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

What is an acceptable proof of military service?

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost. If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT. If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost. If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it�s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service. If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

How do I apply for VA Guaranteed Loan?

You can apply for a VA loan directly on this here at Zero for the Hero site. We will help you every step of the way including ordering your VA Certificate of Eligibility.

What is a Funding Fee? Do all Veterans have to pay?

VA Funding Fee is a guarantee financed into your mortgage loan that goes to the Veterans Administration. For your first time use of a VA loan, your funding fee is 2.15% of your loan amount. For each subsequent use it is 3.3%. You will be required to pay it unless you have a service related disability of 10% or greater in which case the funding fee is waived.

Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit if your wish to make application for the home loan benefit as a surviving spouse.


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