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This type of loan allows you to cash out your home equity (the difference between your mortgage and the value of your home) to pay off large expenses. Learn more about the loans we offer and your eligibility <here.>
Your certificate of eligibility is a document that confirms to your lender that you meet eligibility requirements to take out a VA home loan. Commander Mortgage will secure your COE for you; we just need proof of your service history. Learn more about eligibility and the application process <here.>
A Certificate of Release or Discharge from Active Duty, of DD214, is a document required as proof of military service used to confirm your eligibility for a VA home loan to your lender. It includes information such as the dates of your service, your classification, and the nature of your discharge. Learn more about eligibility <here.>
Your Debt to Income Ratio, or DTI, represents the portion of your monthly income that goes towards your debts. Generally, VA lenders require a DTI of no more than 41%, but there are exceptions, such as strong credit and steady employment.
A funding fee is a one-time payment that replaces a down payment. VA funding fees will typically cost you just 0 to 3.6% of your total loan and is paid at closing. This fee goes straight to the VA.
Before closing on your home and finalizing your loan, an appraiser will evaluate the property to ensure the quality and value matches the purchase price and meets the VA’s Minimum Property Requirements (MPRs). Learn more about our process <here>.
VA interest rate reduction loans allow eligible borrowers with existing VA loans to lower their interest rates. Learn more on our <loan products page>.
The VA Minimum Property Requirements, or MPRs, are criteria established by the VA to verify the safety and quality of properties to be purchased with a VA loan.
A National Guard Report of Separation and Record of Service, or NGB-22, is a document required to prove to your lender that you served in the National Guard. It is necessary for eligibility for a VA home loan. Learn more about eligibility requirements <here>.
This acronym refers to the four components of your monthly mortgage: Principle (total amount borrowed), Interest (the price you pay to borrow money), Taxes, and Insurance.
In the instance of a smaller down payment (less than 20%), you will likely need private mortgage insurance, or PMI. This policy protects lenders in case of a default on your mortgage, and may require extra fees in addition to an up-front premium payment.
VA purchase loans can be used by veterans and eligible family members to buy a single-family home, build a new home, and even make changes to your current home to increase energy efficiency. Learn more on our <loan products page.>
