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Gershman Mortgage’s VA Home Loan Program

VA Home Loan Q&A with David Bell

St. Louis – November 9th, 2021 – Gershman Mortgage, a leader in the mortgage industry, is thrilled to offer the VA home loan as one of the many products we provide our customers. This program guarantees Veterans, US Military Members, and eligible surviving spouses a greater degree of safety and flexibility which result in more competitive interest rates than non-VA loans.

Gershman Mortgage is a veteran-founded company, and we are proud to work with thousands of veterans. We also are proud of our employed veterans, including Master Sergeant, David Bell, who is also Vice President and Branch Manager at our Clive, Iowa branch.

Q:  What does VA Loan stand for?

A: VA Loan stands for The Veterans Administration Loan

Q: Is the preapproval process for a VA loan the same as it is for a more traditional or common loan?

A: Yes, for the most part, with one significant difference, though. The prospective borrower or lender need to obtain a VA certificate of eligibility early in the process to ensure the borrower is eligible for VA benefits. This typically requires a bit of documentation up front:

  • For active-duty service members, a copy of their DD 214 will suffice.
  • For Guard members, a copy of their NGB Form 22 or 23 will be needed.
  • For Reservists, a copy of their Reserve Retirement Point Statement.

Q: What additional documentation do borrowers need to provide the loan officer during the process of getting preapproved?

A: Borrowers will need the items previously mentioned, along with the following:

  • Most recent 2 paystubs or Leave & Earning Statements (LES’s).
  • The past 2 years of W-2 forms.
  • Proof of funds if any are needed for the loan.
  • A copy of their driver’s license.

Q: Do borrowers applying for a VA loan need a certificate of eligibility?

A: Yes! As previously mentioned, the borrower can get this directly from the Veterans Administration but will need the documentation stated above.

Q: Is the surviving spouse of a deceased veteran eligible for a VA home loan?

A: Surviving spouses of deceased veterans are eligible for a VA home loan with conditions – depending on surviving military spouses if they have not remarried and their spouse passed in the service, from a service related disability, if their spouse was missing in action (MIA) or a prisoner of war (POW) for at least 90 days (this is limited to one-time use of benefits).

Q: Can borrowers refinance a VA loan?

A: Yes, there are two options:

  • VA cash out refinance, which is any time the borrower is taking out equity to pay off more than the mortgage and closing cost/escrow set up.
  • VA Interest Rate Reduction Refinance Loan (IRRRL)
    • In these scenarios, no income or asset documentation is needed
    • No appraisal required
    • Verification that the veteran has made their last 12 months of payments on time and that there is tangible benefit for refinance.

Do you think the VA Loan program is a good fit for you? Contact a Gershman Mortgage Loan Officer today!

 About Gershman: Communities, families, and homes are at the heart of what we do at Gershman Mortgage.  Our founding principles are based on the core values of honesty, integrity, the entrepreneurial spirit, and putting our customers first.  We are passionate and committed to customer service and strive to ensure that we exceed the expectations of our customers.  We are a customer-centric company devoted to creating and maintaining long-lasting relationships.

NMLS #138063 16253 Swingley Ridge Road Suite 400 Chesterfield, MO 63017 (800) 457-2357 Equal Housing Lender.