Financing in 02184>Question Details

Danny Church, Other/Just Looking in 02184

If I apply for a 30 VA home loan and prior to closing (but after application) am approved to recieve disability compensation, must I reappy?

Asked by Danny Church, 02184 Wed Mar 2, 2011

I am currently going through the process of applying for VA disability benefits. I have completed physicals and am told that my claim will be approved or denied within 10 weeks (but I'm not holding my breath). We will likely be putting our home on the market within the next 2 months and would be seriously looking so would need to be preapproved for a mortgage.

I just wanted to know my disability were approved prior to closing, would I be able to take advantage of the "no funding fee" for disabled veterans on the previously applied for loan, or would I have to reapply and go through all the steps again.

Any thoughts?

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Jin’s answer
Okay, as a Vet with a pending disability claim myself, I've looked into this. If your disability claim goes through after you've accepted a loan, you are supposed to be reimbursed the funding fees. How difficult this process is, I can't say. (Likely as difficult as anything else when dealing with the VA)

In the following link (an M$ word file), check out pages 8-15 through 8-18, which details the VA Funding fee.
0 votes Thank Flag Link Tue Jun 26, 2012
Your lender should be able to handle that, there's no need to re apply.
0 votes Thank Flag Link Thu May 30, 2013
We lenders have you sign a VA Form 26-8937 "Verification of VA Benefits". If it comes back with the box checked, "Veteran is exempt from funding fee" then you are good to go. Pending cases unfortunately will not help you. Sorry.

Best of Luck!
0 votes Thank Flag Link Thu May 30, 2013
I don't know the answer but I know you can buy anything within your means as a Vet. Have you consulted with a VA loan officer or applied to a bank , they should give you the spill.
0 votes Thank Flag Link Fri Mar 18, 2011
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