Yes, veterans must obtain a Certificate of Eligibility, also called COE, to be eligible for a VA loan. The COE is issued by the Department of Veterans Affairs (VA) and verifies a service member’s eligibility for the VA loan program.

You can obtain a COE through the Department of Veteran Affairs. Your VA lender may also assist you during the process to help you obtain the document.

An FHA home appraisal is an assessment of the value and condition of a property that is required when applying for an FHA-insured loan. An FHA-approved appraiser will conduct the appraisal and it’s designed to ensure the property meets certain health, safety, and livability standards.

During the appraisal, the appraiser will inspect the property both inside and out, looking for any obvious signs of damage, wear and tear, or necessary repairs.

The appraiser will then use this information to determine the property’s appraised value, which is the estimated fair market value of the property. The appraised value is used by the FHA lender to determine the loan-to-value ratio (LTV) for the FHA loan, which is the amount of the loan compared to the appraised value of the property.

The interest rate and annual percentage rate (APR*) you get will be based on your credit score. The higher your score, the lower your mortgage rates.

Sometimes the interest rate and APR are the same. When the APR is higher than the interest rate, it means it includes certain fees rolled into the one convenient figure.

It’s a good idea to get your credit into the best shape possible before you apply for any type of home loan.

Yes, you can usually refinance your FHA and VA mortgage after about six months – but it’s better to wait longer so you have a chance to build up equity, improve your credit through regular payments, and possibly qualify for a lower rate due to shifts in the market.

Here’s why you might consider a mortgage refinance in the future:

• You’re struggling to make your payments, so you want to switch to a longer term for a lower monthly payment.
• Market interest rates have dropped, and you want to secure a lower APR.

When applying for your FHA or VA home loan, you’ll need to provide an Argent loan officer with the following:

• Driver’s license or DMV-issued ID
• Social Security number
• Proof of your physical address (not your mailing address, if it’s different)
• Tax returns
• Pay stubs, W-2s, and any other proof of income
• Bank statements and evidence of any other assets
• Gift letters if someone is helping you with your down payment
• Evidence of your rental history or previous homeownership

Argent will access your credit history by requesting a credit report.

Also, when submitting your VA loan application, you’ll need to show us your Certificate of Eligibility (COE).

Yes, you do need to become a member – and we can help you join as part of your home loan application.

Membership eligibility is open to individuals living, working, attending school, worshiping or volunteering in the following counties:

• Chesterfield
• Henrico
• Hanover
• The city of Richmond

Membership is also available to family members or housemates who meet the above criteria. To be eligible, members must also be at least 18 years of age and be a U.S. citizen or resident alien.

When you join Argent, you’re joining a member-owned not-for-profit organization with a board of directors who are elected by their fellow credit union members.

We are not obligated to outside stockholders, so all of our profits go right back to our members in the form of no, or lower fees, lower interest rates, and higher dividends.

Additional benefits include free notary services, scholarships, as well as other great perks.