01Who is eligible for a VA home loan?+
Eligible Veterans, active-duty service members, qualifying National Guard and Reserve members, and certain surviving spouses may use the benefit. A Certificate of Eligibility confirms service eligibility. You still need to meet the lender’s financial requirements.
02Do I need a down payment?+
Often, no. A qualifying buyer with sufficient entitlement can purchase without a down payment when the price is supported by the appraisal. An appraisal gap, limited entitlement, or lender requirements can create a down payment requirement. Closing costs still apply.
03Is there monthly mortgage insurance?+
No. VA loans do not charge monthly PMI or FHA-style mortgage insurance. A one-time funding fee may apply, which is different from monthly mortgage insurance.
04How much is the VA funding fee?+
For a purchase with less than 5% down, the fee is generally 2.15% for first use and 3.3% for subsequent use. Larger down payments reduce the fee. Exemptions include certain borrowers with service-connected disabilities. The fee can generally be financed.
05What credit score do I need?+
VA does not set a minimum credit score. Individual lenders set their own standards and review credit history, income, debts, and residual income. A lender’s score requirement is an overlay, not a VA-wide minimum.
06Can I use my VA benefit again?+
Yes. VA financing is a reusable benefit. Entitlement can often be restored after the previous VA loan is paid off and the home is sold. In some cases, remaining entitlement allows another VA loan while you still have an existing one.
07Is there a maximum VA loan amount?+
With full entitlement, VA does not impose a loan limit. The lender still approves the amount based on your finances and the property’s value. If you have remaining rather than full entitlement, county limits help determine how much you can borrow without a down payment.
