Here are the top 10 VA loan questions that VA Loan buyers commonly ask:
Who is eligible for a VA loan?
VA Loan is an award for our service to the country and a lower interest rate. Veterans, active-duty service members, National Guard members, and certain surviving spouses may qualify with “Honorable” discharge. Depending on circumstances a “General” or “OTH” may be eligible. Ask me about this via email [email protected] or phone 831.419.9505.
Do I need a down payment for a VA loan?
No you don’t. VA loans offer 100% financing with no down payment required. HOWEVER, you can put downpayment but we (you and I as the broker) also decide where your hard earned money would be best used, OR if this is something you should actually do or keep renting.
What are the credit score requirements for a VA loan?
The VA doesn’t set a minimum, but most lenders require a credit score of around 620 or higher. The higher your credit score the better rate you will get. But don’t let that hinder our decision, as it is circumstantial with the market etc. I will ask you questions to help you determine.
Do VA loans require mortgage insurance?
No, VA loans do not require private mortgage insurance (PMI), which helps lower monthly payments. BUT, there is a VA funding fee at closing and I will explain this to you. If you have disability recorded with the VA then you are exempt from this VA funding fee. You may also be eligible for an exemption from property taxes depending on the county if you are 100%
What is the VA funding fee, and do I have to pay it?
The VA funding fee is a one-time charge to help fund the program. It varies based on service history and down payment but can be waived for disabled veterans.
Can I use a VA loan more than once?
Yes, you can use a VA loan multiple times as long as you have entitlement remaining or restore it by selling the home and repaying the loan.
What types of homes can I buy with a VA loan?
VA loans can be used for single-family homes, condos (VA-approved), and multi-unit properties (up to four units if the borrower occupies one unit). I have helped a Veteran purchase a 2 million dollar 4 plex with teh VA Loan in California.
Can I use a VA loan for investment properties or vacation homes?
No, VA loans are only for primary residences, not vacation or rental properties. You will be signing that you will reside in property and moving in within 60 days after closing.
Are there limits on how much I can borrow with a VA loan?
There is no official loan limit if you have full entitlement, but lenders may have their own limits based on your income and credit. CA high cost county limits are tremendous for 2025. Please call me
Do VA loans have closing costs?
Yes, but they are often lower than conventional loans. Sellers can pay some of the closing costs, and there are limits on lender fees.
I am here to help as a fellow Veteran and guide/advise you.
Call our office 831.419.9505 or email me [email protected].
