Question 1

Can I use my VA loan benefit more than once?

Accepted Answer

Yes. Your VA loan benefit is not a one-time entitlement. You can reuse it after paying off a previous VA loan and selling the property, or in some cases you may have remaining entitlement to use simultaneously. Gene can help you determine your current entitlement status through your Certificate of Eligibility.

Question 2

What is the VA funding fee and who is exempt?

Accepted Answer

The VA funding fee is a one-time fee paid to the Department of Veterans Affairs to help sustain the loan program. For a first-time user with no down payment, it is 2.15% of the loan amount. Veterans with a service-connected disability rating of 10% or higher and surviving spouses receiving Dependency and Indemnity Compensation (DIC) are exempt from the fee entirely.

Question 3

Does the VA loan have income or purchase price limits?

Accepted Answer

The VA loan does not have an income cap or a purchase price limit. However, the VA does not guarantee loans above the conforming loan limit without a down payment unless the borrower has full remaining entitlement. Most eligible borrowers with full entitlement can borrow above the limit with no down payment.

Question 4

What credit score do I need for a VA loan?

Accepted Answer

The VA itself does not set a minimum credit score. However, individual lenders typically require a minimum score, commonly 580 to 640. A higher score generally results in better rate offers. Gene can walk you through the requirements of the lenders he works with.

Question 5

Can I buy a multi-unit property with a VA loan?

Accepted Answer

Yes. You can purchase a property with up to four units using a VA loan, provided you intend to occupy one of the units as your primary residence.

Question 6

What is the difference between a VA loan and an FHA loan?

Accepted Answer

Both are government-backed loan programs designed to make homeownership more accessible. VA loans require no down payment and no mortgage insurance for eligible veterans. FHA loans require a minimum 3.5% down payment and mortgage insurance premiums regardless of down payment size. VA loans are available only to eligible veterans, active duty service members, and qualifying surviving spouses.

Question 7

How long does VA loan approval typically take?

Accepted Answer

The timeline depends on the lender and the complexity of the file. Pre-qualification can be done same-day. A full purchase from application to closing typically takes 30 to 45 days. VA appraisals can sometimes take longer in high-demand markets.

Question 8

Can I use a VA loan to buy a condo?

Accepted Answer

Yes, if the condo development is on the VA-approved condo list. Gene can check VA approval status for any property you are considering. If a condo is not yet approved, a VA-approved lender may be able to request spot approval from the VA on a project-by-project basis.

Question 9

What properties are not eligible for VA financing?

Accepted Answer

VA loans must be used for a primary residence. Investment properties, second homes, and vacation homes are not eligible. Commercial properties, farms without a residential dwelling, and properties that cannot meet VA Minimum Property Requirements (MPRs) are also ineligible.

Question 10

What is a Certificate of Eligibility and how do I get one?

Accepted Answer

A Certificate of Eligibility (COE) is a document from the VA confirming you meet the military service requirements for a VA loan. You can obtain it through VA.gov, through Gene (most originators can pull it electronically within minutes), or by mailing VA Form 26-1880.

Question 11

Can a surviving spouse use the VA loan benefit?

Accepted Answer

Yes, in certain circumstances. The unremarried surviving spouse of a veteran who died in the line of duty or from a service-connected disability is eligible. Spouses of veterans who are missing in action or prisoners of war may also be eligible. The surviving spouse must obtain a Certificate of Eligibility.

Question 12

What closing costs does the VA prohibit lenders from charging?

Accepted Answer

The VA limits what lenders can charge borrowers. Prohibited fees include attorney fees charged to the buyer for work done by the lender's attorney, closing and settlement fees, document preparation fees, and loan application or processing fees beyond the 1% origination fee. Gene can provide a full breakdown of allowable and non-allowable VA fees.

Question 13

Can I have two VA loans at the same time?

Accepted Answer

In some cases, yes. If you have remaining entitlement after your first VA loan, you may be able to use a second VA loan simultaneously — for example, if you are relocating due to military orders and need to purchase a new primary residence before selling your current home.

Question 14

What is VA loan entitlement and what happens if I have used it before?

Accepted Answer

Entitlement is the dollar amount the VA guarantees on your loan. Basic entitlement is $36,000; bonus entitlement brings the total to 25% of the conforming loan limit. When you sell a home with a VA loan and pay it off, your entitlement is restored and you can reuse your full benefit.

Question 15

How does the VA appraisal differ from a regular appraisal?

Accepted Answer

The VA requires an appraisal by a VA-certified appraiser to establish the property's value and confirm it meets VA Minimum Property Requirements for safety, soundness, and sanitation. If the property does not meet these requirements, repairs may be required before the loan can close.

Situation	Fee
First use, 0% down	2.15%
First use, 5–9.99% down	1.50%
First use, 10%+ down	1.25%
Subsequent use, 0% down	3.30%
Subsequent use, 5%+ down	1.50%
Exempt: Veterans with 10%+ service-connected disability rating; surviving spouses receiving DIC.

Your VA Home Loan Benefit. Zero Down. No PMI.

VA Loan Information

Eligibility

Active Duty

National Guard / Reserve

Surviving Spouses

Certificate of Eligibility (COE)

Loan Types

VA Purchase Loan

IRRRL — Streamline Refinance

Cash-Out Refinance

Native American Direct Loan (NADL)

Key Benefits

VA Funding Fee

Tools & Calculators

VA Loan Payment Estimator

Home Affordability Calculator

IRRRL Breakeven Calculator

Frequently Asked Questions

Get Pre-Qualified Today

VA Loan Limit Estimator

Gene Richter