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A VA approved lender. NMLS#173855. Cornerstone Military Lending is a registered DBA of Cstone Mortgage Inc. Not affiliated with the Dept. of Veteran Affairs or any government agency.

Frequently Asked Questions

(Click question for an answer)


  1. How long does a VA loan take to close?
  2. What do I need to bring for Pre-approval?
  3. How long do I have to have been employed to approve for a loan?
  4. Do I need good credit to approve for a VA Loan?
  5. What is an Appraisal?
  6. What does points mean?
  7. What does it mean to lock the interest rate?
  8. Does the VA offer counseling to Veterans having difficulty paying their mortgages?
  9. Besides Refinancing, what else can I do with my current Mortgage to save money?
  10. May the maturity on a VA-Guaranteed Home Loan be extended to reduce the monthly payments?
  11. What are the other types of loans that I should ask about?
  12. What if I’m still Active Duty?
  13. What if I don't have enough money saved up for a down payment?
  14. If the price of my future home is above the county limit for a zero down payment VA deal, what is the Down Payment Equation?
  15. What do I get under entitlement?
  16. Can I split my entitlement between 2 different homes and get 2 VA loans?
  17. Is there a limit to how much I can borrow?
  18. What if I have a bankruptcy or foreclosure on my record?
  19. What happens in the case of foreclosure after I begin the VA guaranteed/or financed loan?
  20. Can I pay off my VA Loan before it becomes due?
  21. Does having a VA-Guaranteed Home Loan limit a Veteran's right or ability to sell the property?
  22. If a veteran dies before the loan is paid off, will the VA guarenty pay off the balance of the loan?
  23. Who do I call if I am having difficulty paying my mortgages?
  24. If another lender was unwilling to accept my applicaion for a loan, is that going to be the case with other lenders?
  25. What if I am self employed? Can I still get financed?
  26. What Documents Will I Need?
  27. Where can I learn more about the home-buying process?

How long does a VA loan take to close?
At Cornerstone Military Lending, your loan will finalize in 21 days or less-guaranteed.
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What do I need to bring for Pre-approval?
To start, we will need your income documents. This will include 2 years of tax returns, 2 years of W2’s, and 2 months of paystubs. If you are self employed, we will need a 12-month bank statement. It is also advised to bring in 2 years of business tax returns for a better rate. In addition, under any type of employment, we will need 2 months of checking/savings statements and an investment/401k Statement. Do not bring your bank account activity report, we don’t need it! As we run your credit background check, we will ask you to complete a Letter of Explanation (LOE’s). This includes LOE’s for inquiries, adversities, bankruptcies, foreclosures, and derogatory credit if applicable. It is recommended to have these prepared ahead of time. We will also need personal documentation such as a government issued ID or the equivalent, such as a passport. Further documentation may be later requested depending on your circumstances.
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How long do I have to have been employed to approve for a loan?
Total of 24 months of employment history is required. Schooling in preparation for a career may count as employment in this calculation.
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Do I need good credit to approve for a VA Loan?
There is no credit score requirement. Keep in mind that rates may vary based on credit history. In the case of a VA loan, we can work with you to approve a credit score of as low as 500 FICO.
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What is an Appraisal?
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
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What does points mean?
A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one point on a $100,000 loan is $1,000. Points are costs that need to be paid to a lender to get mortgage financing under specified terms. Discount points are fees used to lower the interest rate on a mortgage loan by paying some of this interest up-front. Lenders may refer to costs in terms of basic points in hundredths of a percent, 100 basis points = 1 point, or 1% of the loan amount.
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What does it mean to lock the interest rate?
Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.
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Does the VA offer counseling to Veterans having difficulty paying their mortgages?
Yes! Even if the mortgage isn't a VA-Guaranteed Home Loan, Veterans may call 1-877-827-3702 to speak with a VA loan technician.
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Besides Refinancing, what else can I do with my current Mortgage to save money?
The alternative to refinancing is Recasting. This is not applicable to VA and FHA Loans. Recasting can help you to substantially reduce your recurring payments without affecting the set rates or loan term. In recasting, you may bring in additional funds, under a one time fee, to the investor to pay down your balance and reduce your payment. You can use this option to pay down your new mortgage using the net proceeds from the [interest] savings when you sell your home in the future.
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May the maturity on a VA-Guaranteed Home Loan be extended to reduce the monthly payments?
Yes, provided the Veteran and the lender want to extend it and the extension provides for complete repayment of the loan within the maximum period permitted for loans of its type.
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What are the other types of loans that I should ask about?
VA Loans, Portfolio Loan, Conventional Freddie Mac v. Fannie Mae, Jumbo Mortgage, Interest Only Mortgages, Reverse Mortgages, Hybrid ARM mortgage, 203K Loans, 2nd Trust loan, Non-QM Loans, USDA Loans, FHA Loans.

Ask one of our Loan Officers which is best for you!
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What if I’m still Active Duty?
A VA loan is available to any military personnel that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.
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What if I don't have enough money saved up for a down payment?
If the home price is within your County’s limit, by law- a down payment is not required under a VA Loan!

County Limits are set by the Federal Housing Finance Agency.
Go to: www.fhfa.gov (Conforming Loan Limits)
(read only the "One-Unit Limit" column for your county)
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If the price of my future home is above the county limit for a zero down payment VA deal, what is the Down Payment Equation?

VA Down Payment Equation

Total Loan Amount = Purchase Price − Down Payment
Down Payment = [ Purchase Price − County Loan Limit (Zero % Down) ] × .25

An Example: The San Diego Loan Limit

Down Payment = [1,000,000 − 612,950] × .25
Down Payment = [387,050] × .25
Down Payment = $96,762.50
Total Loan Amount = 1,000,000 − 96,762.50
Total Loan Amount = $903,237.50
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What do I get under entitlement?
VA entitlement is a financial guaranty from the government, which pledges to repay a portion of your home mortgage in the event of default. Your VA entitlement is a specific dollar amount. Check your county for your specific limit.
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Can I split my entitlement between 2 different homes and get 2 VA loans?
Yes! If you do not use all of your entitlement in one VA loan, you will have leftover entitlement. You can then opt to put the remaining entitlement toward another VA- zero down- loan. You can even discover more entitlement available in a county with a higher loan limit.
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Is there a limit to how much I can borrow?
At CML, we allow up to $4 million in financing. Keep in mind that to qualify for a zero-down payment, the price of your home must remain at or below the required limit, which may vary between counties.
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What if I have a bankruptcy or foreclosure on my record?
You can be eligible for a VA Loan two years after a Chapter 7 bankruptcy discharge; one year after filing a Chapter 13 bankruptcy; and two years following a foreclosure. Check your county and state laws for details on your entitlement.
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What happens in the case of foreclosure after I begin the VA guaranteed/or financed loan?
The VA aquires properties as a result of foreclosures on VA-guaranteed and VA-financed loans. Properties can be located by searching https://listings.vrmco.com/.
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Can I pay off my VA Loan before it becomes due?
Yes. A VA-Guaranteed Home Loan may be partially or fully paid at any time without penalty. In the case of conventional loans, fees and varied circumstances are usually applied in this scenario.
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Does having a VA-Guaranteed Home Loan limit a Veteran's right or ability to sell the property?
No. A veteran may well the property to a Veteran or non-Veteran at any time. However, if the loan was closed after March 1, 1988, and the qualifications of the assumer must be reviewed and approved by the lender and the VA.
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If a veteran dies before the loan is paid off, will the VA guarenty pay off the balance of the loan?
No. The surviving spouse or other co-borrower must continue to make the payments. If there is no co-borrower, the loan becomes the obligation of the Veteran's estate. Protection against this may be obtained through mortgage life insurance, which must be purchased from private insurance sources.
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Who do I call if I am having difficulty paying my mortgages?
All veterans can issue their concerns to The Department of Veteran Affairs. They operate a Hotline at 1-877-827-3702. They can provide you with assistance on all types of situations- even if the mortgage isn't a VA Loan.

Cornerstone Military Lending is a VA Approved Lender ; Not a Government Agency
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If another lender was unwilling to accept my applicaion for a loan, is that going to be the case with other lenders?
The veteran should still be speaking with other lenders. Just because one lender was not able to make the loan, it does not mean that we at Cornerstone Military Lending will not.
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What if I am self employed? Can I still get financed?
Yes! At the very least we can use as little as a 12 month personal bank statement program to prove income. No need to bring in tax returns, pay stubs, nor any transcripts. For better interest rates, we request 2 years business tax returns. We will verify deposits from self employment or from corporate bank accounts.
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What Documents Will I Need?
We have your answer in Preparing Documents
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Where can I learn more about the home-buying process?
For government resources, you can visit the Department of Housing and Urban Development (HUD) website for useful information on shopping for a home and putting in an offer: www.hud.gov
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Additional information is available on the Veterans Affairs Website (Home Loans).
Speak with us today
1-619-338-9600
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