Frequently Asked Questions
Answers from Spencer Wartman, NMLS #2109932 — VA Loan and Airline Pilot Mortgage Specialist
VA LOAN BASICS
Q: What is a VA loan and how does it work?
A VA loan is a mortgage benefit for eligible veterans, active-duty service members, National Guard and Reserve members, and surviving spouses. It is backed by the U.S. Department of Veterans Affairs, which guarantees a portion of the loan — allowing lenders like Trident Home Loans to offer zero-down-payment mortgages with no private mortgage insurance (PMI) at competitive interest rates. The VA does not lend money directly; it guarantees the loan made by a private lender.
Q: Can I use my VA loan benefit more than once?
Yes. The VA loan benefit is a lifetime benefit that can be used multiple times. After you sell your VA-financed home and pay off the loan, your full entitlement is restored and you can use it again with zero down payment. You can also use remaining (second-tier) entitlement to purchase a second property while keeping your first VA loan active — though this may require a down payment depending on how much entitlement you have remaining.
Q: Do I need a down payment for a VA loan?
If you have full VA entitlement — meaning you have never used it, or it has been fully restored — you do not need any down payment, regardless of the purchase price. If you are using remaining (second-tier) entitlement, you may need a down payment equal to 25% of the amount your purchase price exceeds your VA loan limit. I calculate this for every veteran client before we start shopping.
Q: What is VA loan entitlement?
Entitlement is the dollar amount the VA will guarantee on your behalf. Full entitlement in 2026 is 25% of the conforming loan limit ($832,750), which equals $208,187.50. If you have a current VA loan, that loan “charges” a portion of your entitlement. Your remaining entitlement determines how much you can borrow without a down payment on your next VA loan.
Q: What is the VA funding fee and can it be waived?
The VA funding fee is a one-time charge (ranging from 0.5% to 3.30% of the loan amount) that funds the VA loan program. It is typically rolled into your loan balance. The fee is completely waived if you receive VA disability compensation, are a surviving spouse of a veteran who died in service or from a service-connected disability, or have a pending pre-discharge disability claim. This waiver can save veterans thousands of dollars — if you have any service-connected conditions, file a claim with the VA before closing.
Q: How is a VA loan different from a conventional loan?
The major differences are: VA loans require no down payment (with full entitlement), charge no PMI (ever), typically offer lower interest rates, and have more flexible credit requirements. The main cost of a VA loan is the funding fee, which is a one-time charge vs. PMI’s ongoing monthly cost. For most veterans, the VA loan wins on total cost over the life of the loan.
Q: What credit score do I need for a VA loan?
The VA itself does not set a minimum credit score. Trident Home Loans’ minimum is 580, though most competitive rates are available at 620 and above. A higher credit score will give you access to better rates. I work with veterans across the credit spectrum and can tell you exactly where you stand during a no-obligation call.
Q: Can I use a VA loan to buy a second home or investment property?
The VA loan benefit is intended for primary residences only. However, you can use your remaining entitlement to purchase a new primary residence while retaining your current VA-financed property as a rental. This is a common and legitimate strategy I help veterans execute regularly.
Q: What is a VA IRRRL (Interest Rate Reduction Refinancing Loan)?
An IRRRL — also called a VA Streamline Refinance — allows veterans with existing VA loans to refinance to a lower interest rate with minimal documentation and no appraisal required in most cases. It is one of the fastest, simplest refinance options available in any loan program. If you have a VA loan originated at a higher rate, contact me about whether an IRRRL makes sense for your situation.
Q: Can I do a cash-out refinance with a VA loan?
Yes. A VA cash-out refinance allows you to refinance any existing loan (VA or conventional) and take out cash up to 90% of your home’s appraised value. The VA funding fee applies (2.15% for first use, 3.30% for subsequent). This is a powerful option for veterans with significant home equity.
Q: What is the VA loan limit in 2026?
For veterans with full entitlement, there is no VA loan limit — you can borrow any amount and qualify based on income and credit, with no down payment required. For veterans using remaining (second-tier) entitlement, the calculation uses the 2026 conforming loan limit, which is $806,500 (standard) or up to $832,750 in designated high-cost counties.
Q: What documents do I need for a VA loan?
Typically: Certificate of Eligibility (I can request this for you), DD-214 (for separated veterans), last 2 years of W-2s, most recent 30 days of pay stubs, last 2 years of federal tax returns, and 60 days of bank statements. Active duty borrowers use their Leave and Earnings Statement (LES). The full list is situation-dependent — I’ll give you a personalized checklist on our first call.
AIRLINE PILOT MORTGAGE QUESTIONS
Q: Can an airline pilot get a mortgage?
Yes — but it requires a loan officer who understands how pilot income is structured. Pilot compensation includes base pay, per diem, longevity pay, and sometimes overtime, all of which are documented differently than standard W-2 employment. As a current UPS airline pilot, I understand your contracts and can present your income to underwriting accurately and compellingly.
Q: Can a first-year airline pilot get a mortgage?
Yes, in many cases — but it requires careful documentation and the right loan structure. A first-year pilot’s pay stubs and offer letter, combined with their career history and the airline’s documented pay scale, can often support qualification. I have originated loans for first-year pilots at major carriers that other lenders declined. Call me before you assume you don’t qualify.
Q: Does per diem count as income for a mortgage?
Per diem can count toward qualifying income if it is documented consistently over a 24-month history and appears as a regular component of your earnings. New pilots may not have the history for this yet. I will be transparent with you about exactly what qualifies and what doesn’t.
Q: I’m transitioning from the military to an airline — can I get a mortgage?
This is one of my most common client scenarios. Yes, and it often involves using your VA loan benefit while documenting your airline income from a recent start date. Getting the timing right matters. Contact me 3–6 months before your anticipated closing date so we can plan your income documentation strategy.
Q: Which is better for a pilot who is also a veteran — VA or conventional?
Almost always the VA loan, especially if you have full entitlement. The zero-down and no-PMI advantages are substantial, and for pilots in early career stages who are building cash reserves, keeping a down payment in your account is financially valuable. I will run both scenarios and show you exactly why, with real numbers.
Q: What airlines have you helped pilots from?
I have worked with pilots from Delta, United, American, Southwest, FedEx, UPS, Alaska, and multiple Regional carriers. Each has contract nuances — I am familiar with most major union agreements and the income documentation they require.
WORKING WITH SPENCER
Q: What states are you licensed in?
Trident is licensed in all states except Nevada and New York. Contact me and I’ll get you started!
Q: How do I get started?
The easiest first step is an email or phone call. I’ll ask you a few questions, get a picture of your situation, and tell you honestly what your options are. There is never a cost or commitment to speak with me.
Email: spencer@mythl.com
Phone: [YOUR PHONE NUMBER]
Or: [Apply Online →]