Who can use a VA loan
VA loans are for veterans, active-duty service members, National Guard and Reserve members who meet service requirements, and some surviving spouses. You prove eligibility with a Certificate of Eligibility (COE). I can usually request your COE for you, so you don't have to chase it down.
Why VA loans are worth a look
- No down payment required for eligible buyers with full entitlement.
- No monthly mortgage insurance, even with nothing down.
- Flexible credit and debt guidelines compared to many conventional loans.
- Can be used on 1-4 unit homes you live in, so rent from the other units can help you qualify.
The VA funding fee
Most VA loans have a one-time funding fee, which can be paid at closing or rolled into the loan. The amount depends on your down payment and whether you've used the benefit before. Veterans who receive VA disability compensation are usually exempt. I'll show you the exact fee on your Loan Estimate.
The VA appraisal
VA appraisers check value and also basic safety and livability items, like heat, roof condition, and safe access. Older homes and cabins sometimes need small repairs before closing. Knowing this up front helps you write a smart offer.
Using your VA benefit again
The VA benefit isn't one and done. You can use it again after selling a home, and in some cases you can have more than one VA loan at the same time. If you're PCSing to or from Alaska, Idaho, or Colorado, ask me how your remaining entitlement works.
Common questions
Do VA loans require a down payment?
No down payment is required for eligible buyers with full VA entitlement. Buyers with partial entitlement may need some money down on higher-priced homes.
Do VA loans have mortgage insurance?
No. VA loans don't charge monthly mortgage insurance. Most have a one-time funding fee instead, and veterans receiving VA disability compensation are usually exempt from it.
Can I use a VA loan to buy a duplex or fourplex?
Yes. You can use a VA loan on a 1-4 unit property as long as you live in one of the units.
Can I use my VA loan benefit more than once?
Yes. You can use the benefit again after selling a home, and in some cases you can keep one VA loan and get another. Eric can check your remaining entitlement.
Want to run your numbers?
Text me your situation and I'll tell you which options fit. Most people hear back within a couple of hours during business hours.
This guide is general information, not a commitment to lend. Loan programs, limits, and guidelines change, and all loans are subject to credit approval and property eligibility.