VA Loans

Who is eligible for a VA loan?

VA loans are available to veterans who have served 90 consecutive days during wartime or 181 days during peacetime, active-duty service members with at least 90 days of service, National Guard and Reserve members with 6 or more years of service, and surviving spouses of veterans who died in service or from a service-connected disability. A Certificate of Eligibility (COE) is required.

Is there really no down payment required?

Correct. VA loans offer 100% financing with no down payment for eligible borrowers with full entitlement. There are no loan limits for borrowers with full entitlement, meaning you can finance the full purchase price regardless of the amount. Borrowers with reduced entitlement may have limits based on county.

What is the VA funding fee?

The VA funding fee is a one-time fee that helps sustain the VA loan program. For first-time use with no down payment, the fee is 2.15% of the loan amount. It decreases with a down payment and on subsequent uses. The fee can be financed into the loan. Veterans receiving VA disability compensation and surviving spouses are exempt from the funding fee.

Can I use a VA loan more than once?

Yes. Your VA loan benefit can be used multiple times. Once you have paid off a VA loan and sold the property, your entitlement is fully restored. You can also have more than one VA loan at a time if you have remaining entitlement, which is useful for PCS moves where you want to keep a previous property as a rental.

Can VA loans be used for condos or manufactured homes?

Yes, but with some conditions. Condos must be in a VA-approved project. Manufactured homes are eligible if they are permanently affixed to a foundation and meet HUD standards. VA loans can also be used for new construction, though finding a builder who works with VA construction loans may require some additional effort.