Quick Summary
VA home loans are available to eligible Veterans, service members, and some surviving spouses. Most buyers need no down payment and pay no monthly mortgage insurance. VA sets no minimum credit score, and a one-time funding fee applies unless you’re exempt. The answers below cover eligibility, costs, property rules, and timelines.
Eligibility
Who qualifies for a VA loan?
Veterans, active-duty service members, National Guard and Reserve members with enough service, and some surviving spouses can qualify. Your Certificate of Eligibility (COE) confirms it, and I can request yours for you. See the full VA loan eligibility requirements.
Can I use a VA loan more than once?
Yes. You can reuse your benefit with remaining entitlement, or restore your entitlement after you sell a home and pay off its VA loan. Some buyers hold two VA loans at once when their entitlement allows it.
What credit score do I need for a VA loan?
VA doesn’t set a minimum credit score. Each lender sets its own, and most look for a score between 580 and 620. See VA loan credit score requirements.
Can I get a VA loan after bankruptcy?
Often, yes. VA sets no waiting period after a Chapter 13 discharge and generally looks for 2 years after Chapter 7. See VA loans after bankruptcy.
Loan Benefits
What are the advantages of a VA loan?
Most buyers value four benefits: no down payment in most cases, no monthly mortgage insurance, competitive interest rates, and limits on the closing costs you can be charged.
Is there really no down payment required?
For most purchases, yes. Eligible buyers with full entitlement usually need no down payment as long as the price doesn’t exceed the appraised value. You’re still responsible for closing costs unless the seller covers them.
Is there a limit on how much I can borrow?
Not with full entitlement. VA doesn’t cap your loan amount, so the limit comes from your income, credit, and the home’s appraised value. With partial entitlement, your county loan limit applies and you may need a down payment.
Buying a Home
What types of homes qualify?
Single-family homes, townhomes, VA-approved condos, and properties with up to four units qualify, as long as you live in one unit as your primary residence. See how to buy a duplex with a VA loan. Investment-only properties don’t qualify.
Can I use a VA loan to buy a fixer-upper?
Usually not. The home must meet VA minimum property requirements, which means it’s safe, structurally sound, and sanitary. Minor repairs can be handled before closing, but major rehab projects are a poor fit.
How long is a VA appraisal good for?
A VA Notice of Value is valid for 6 months. If you’re under contract during that time, it stays valid until your purchase closes or the contract ends. See our VA appraisal guide.
Costs and Fees
What is the VA funding fee, and can it be waived?
The funding fee is a one-time charge paid to VA that keeps the program running. The amount depends on your down payment and whether it’s your first use. It can be financed into the loan. Veterans who receive VA disability compensation are exempt, and some surviving spouses are too.
Can the seller pay my closing costs?
Yes. Sellers can pay your normal closing costs, plus concessions of up to 4% of the home’s reasonable value for items like your funding fee or prepaid taxes and insurance. See VA seller concessions.
The Loan Process
How do I get prequalified for a VA loan?
Start with a short form so I can confirm your service and estimate your buying power. I’ll follow up with a clear plan and a list of documents. Get prequalified here.
How long does it take to close a VA loan?
Many VA loans close in about 30 to 45 days. Having your COE, income documents, and bank statements ready keeps things moving.
Already have a VA loan and want a lower rate? See the VA IRRRL streamline refinance.
Have a question that isn’t answered here? Call 219-695-0369 or text me at 219-758-8072.
