Program guide
What to know before you choose
First Equity closed its first VA loan in 1992. That history matters because VA lending is detailed: entitlement, service eligibility, residual income, property standards, funding-fee treatment, appraisal requirements, and occupancy all need to work together. We approach the file as a complete VA loan rather than trying to force it through a conventional checklist.
For a purchase, the headline advantages are meaningful. Eligible borrowers may buy with no down payment, and VA loans do not carry monthly mortgage insurance. Those benefits do not remove qualification or closing costs. Income, debts, residual income, credit profile, assets, title, appraisal, and the home itself remain part of underwriting.
The Certificate of Eligibility confirms the borrower’s service eligibility and available entitlement information. We can help request it and explain what it shows. Prior use of a VA loan does not automatically prevent another VA loan. Entitlement may be restored after an eligible payoff, and in some situations remaining entitlement can support another purchase.
The VA funding fee helps support the program and varies by transaction and borrower circumstances. Some eligible borrowers are exempt. We verify the applicable status rather than assuming a fee or exemption. The fee and any permitted financing of it are explained before the borrower chooses a structure.
For homeowners with an existing VA mortgage, the Interest Rate Reduction Refinance Loan, commonly called an IRRRL or VA streamline, may offer a simplified VA-to-VA refinance path when current rules and a documented benefit are satisfied. Cash-out VA refinancing follows a different review. We compare the purpose and costs rather than treating every refinance alike.
VA loans may also be assumable, subject to servicer and VA approval. Assumption can matter when a homeowner later sells, but entitlement and release-of-liability questions deserve careful attention. It should never be described as an automatic transfer.
Alabama has military communities with distinct housing patterns. Around Redstone Arsenal, Huntsville and Madison combine military, aerospace, and defense relocations. Maxwell-Gunter affects Montgomery-area moves. The Fort Novosel region serves aviation families, while Baldwin and Mobile counties attract veterans and retirees headed to the coast.
Our tone is simple: eligibility earned through service deserves precise work. We will help with the certificate, explain the funding fee, map the closing timeline, and communicate with the real estate professionals involved. No slogans are a substitute for a prepared file.