Frequently Asked Questions
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- What is a VA Funding Fee?
The Department of Veteran’s Affairs (VA) charges a Funding Fee to most veterans who obtain a VA mortgage loan to help sustain the VA home loan program. The VA Funding Fee is a percentage of the principal loan amount and is due at closing. The amount of the VA Funding Fee varies depending on specifics of the transaction. The full amount can usually be financed as part of the loan amount or paid in cash.
- Who is exempt from the VA Funding Fee?
Only veterans receiving VA disability are exempt from paying the VA Funding Fee.
- What service is not eligible for a VA Loan?
You are not eligible for VA financing solely based upon Active Duty for Training in the Reserves or National Guard. Note: Guard and Reservists are eligible if they were “activated” under the authority of title 10 U.S. Code as was the case for the Iraq/Afghanistan war.
- If I were discharged years ago and want to qualify for a VA Loan, what other documents will I need?
Everyone is required to obtain a Certificate of Eligibility. If you do not have this Certificate, you will need to apply using VA Form 26-1880, and this will require a copy of DD-214 (Certificate of Release or Discharge from Active Duty) showing charter of service. Along with the Certificate of Eligibility, loan applicants will need to document their credit, savings and employment information.
- What other types of mortgage loans are available at Ascend?
If a VA loan is not right for you, Ascend offers conventional fixed-rate mortgages; adjustable rate mortgages (ARMs); a first-time homebuyer mortgage; manufactured housing loans; and equity loans. Learn more here.