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As a veteran who lives in Illinois, I know how to navigate the VA system. The VA home loan is a great benefit of your service. Trident Home Loans, a veteran owned and operated company, is here to help you use that benefit.    


There are bigger VA companies, but none will provide the combination of great rates and service that Trident Home Loans will. 

Call me anytime to get a pre-qualification letter or to start a cash out or VA IRRRL.   Have questions about VA loans?   Call me or read the FAQ's below.


At Trident Home Loans, we will quote you a no points rate. We can also quote you a rate that has us pay the closing costs.  Either way, we will provide you the numbers so you can make an informed decision. 

VA loans are a unique loan product, and you need experts to guide you thru the process. Not only am I a veteran, but I have a VA loan myself. We will compare the VA loan with a conventional loan to match your needs.

Here are some of the questions I typically get about VA loans?

  1. What is the minimum down payment?

    • You can get a loan for 0% down, unless you have an active VA loan, then you can still get a 0% down under some circumstances.

  2. Do I have to pay the funding fee and how much is it?

    • Unless you have 10% VA military disability, there is a funding fee that under most circumstances can be rolled into the loan.

  3. How much is the funding fee?

    • The funding fee depends on the down payment (for purchases) and how many times you have used your VA benefits.  Here is a chart showing the VA funding fee if it is not waived.

  1. Can I roll in the funding fee on a purchase loan?

    • On a purchase loan, you can roll in the funding fee.  For example, if you buy a home for $100,000 and it is your first time using the VA benefit, you can get a loan for 2.3% over the purchase price.  Your loan would be $102,300.

  2. Can I roll in the closing costs and funding fee on a refinance?

    • Yes, you can roll in the costs of a refinance.    You can also roll in the cost of starting a new escrow account.   When your current loan gets paid off, that lender will return to you what is in that escrow account, if you are escrowing.​​​

  3. Does the VA loan have a lower interest rate than a conventional loan?

    • It depends.  If you work with me, we will look at both options so you can make an informed decision.

  4. Does the VA loan have Private Mortgage Insurance (PMI)?

    • No, there is not PMI on a VA loan no matter how little you put down.  This is a huge advantage for a VA loan.

  5. How high a purchase price can I go on a VA loan?

    • If you don’t have a current VA loan, you can go for 0% down on any loan amount.

  6. Can I have multiple VA loans at once?

    • Yes, you can have more than one active VA loan.  When you have a current VA loan, you may be limited on the amount of a 0% down loan.  Call me at (309) 642 0008 to discuss your options.

  7. Can I refinance out of a VA loan, to have my full entitlement to purchase another home?

    • Yes, you can refinance a current home to get a full entitlement reinstated.  But you can only do this once.

  8. Can I do a VA cash out loan?

    • Yes, you can typically do a cash out refinance up to 90% Loan to value.

  9. Can I use my VA benefit for an investment home or second home?

    • No, the VA entitlement is only for your primary home.

  10. What is a VA IRRRL?

    • A VA IRRRL is a quick and easy refinance of your current VA loan.  It is a no appraisal, no income qualification loan that must meet certain criteria.  The basic requirements of getting a VA IRRRL requires that your current VA loan be at least 210 days old and that your rate must drop by .5%.  There are other rules, so give me a call to discuss your situation.

  11. How many times can I get a VA IRRRL?

    • You can refinance as many times as you like, if you meet the criteria.

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