Frequently Asked Questions | Military Home Loans

Frequently Asked Questions

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VA Buyer – Frequently Asked Questions

You deserve to know all the details upfront. Here’s a list of Frequently Asked Questions that often come up. If you don’t see your answer here, please just give us a call and we’ll be happy to help you.

What type of loan qualifies for this credit?

It has to be a VA purchase loan done by Military Home Loans for a property in California.

Can I get the closing cost credit if I’m using another lender?

his program is exclusive to Military Home Loans, you can’t get it anywhere else. We’d be happy to also pre-approve you, quickly and at no cost. That way you can choose which lender is providing the better value.

I’m already preapproved with another lender, won’t getting preapproved again lower my credit score?

Yes and No… We will need to pull your credit and that does count as a hard inquiry. However, congress changed the rules so the credit system only counts 1 hard inquiry per business type in a 30 day period. That way you can shop around without your score dropping every time credit is pulled. If your credit was last pulled by a mortgage lender 31 days ago, then it will count as a new hard inquiry and according to the credit guru’s that can lower your score from 3 to 5 points. Unless you’re sitting right on the edge of qualifying, this tiny shift will probably have no impact on your loan or rate.

My agent is participating in the program, is there anything special you need from them?

No, just let us know who they are so we can make sure you get to work with that expert.

My agent is not participating in the program, will I still get the credit?

Yes, if you love them and they’re taking great care of you, absolutely stay with them. You will still get the credit. If you don’t love them, or would like a second opinion for an agent, see the next question.

I don’t have an agent yet, do you have any that you recommend?

Absolutely. After specializing in VA for over a decade we’ve met lots of agents and can refer you to someone we’d trust to help with our own deal.

I’m not purchasing in California, how do I get access to a program like this?

Unfortunately, we can only offer this program in California right now. However, please let us know so we know where we should be growing to next.

I’ve seen other lenders offer a credit if you use their “preferred agent”. How is this program different?

The agents who work those programs give up between 25% and 50% of their commission to an affiliate of the lender, and then the lender gives you back a portion of that after the deal closes (Yes, they make more money from the agent then they give back to you). While those programs claim their agents are vetted and only the best, the reality is they’re usually junior agents who don’t have any clients of their own, and are OK with working for reduced commission. That is why the reviews of those programs often reference the feeling of reduced services (slow to get back to you, not available when you want them, etc). Participating agents in our program are not asked to give up anything. You get to work with the agent you trust, you get full service, and you get a credit as part of the closing process to use for your costs (not after the deal closes).

Will the program expire or run out of funds:

We do not have a current date or plan for either. However, like everything in life, this program is subject to cancelation or changes.

The “Reserve My Funds” form asks for a Code. What do I do if I can’t find my Code?

To reserve your funds, you need a code that is on the marketing pieces. This helps us know allocate the funds and streamlines the program. If you can’t find the code, you ARE still fully eligible, and can just leave that field blank.