VA home loans
You earned it. You should know what it actually does.
Most veterans get told a version of their benefit that is incomplete. Here is the short, straight version.
USMC veteran. NMLS #2418779.
Know your benefit
Four things worth knowing.
$0
down in most cases
A VA loan can cover the full reasonable value of the property. Exceptions: if the price beats the appraised value, that gap is cash from you. Partial entitlement can also mean money down.
$0
monthly mortgage insurance
Conventional loans under 20 percent down usually carry it every month. VA does not. There is a one-time funding fee instead, and it can be rolled into the loan.
Exempt
from the funding fee, for some
Veterans receiving service-connected disability compensation may owe no funding fee at all. Your Certificate of Eligibility states your status.
Current fee amounts at VA.govNo cap
with full entitlement
County loan limits stopped binding veterans with full entitlement for loans closed after January 1, 2020. Partial entitlement is a different conversation.
Straight answers
Six myths. Tap for the truth.
False
Entitlement can be restored and reused. There is also a one-time restoration provision in specific cases. What matters is how much of yours is currently tied up.
False
VA loans close on the same timelines as everything else. What moves a closing date is the file, the appraisal, and the people involved, and none of that is unique to VA.
False
Sellers accept VA offers every day. When one hesitates it is almost always a listing agent who has not worked with the loan before, and that is a conversation, not a dead end.
Not from VA
VA does not set a minimum credit score. Lenders set their own, and they differ. If one says no on score alone, that is that lender talking, not the VA. Where the file goes matters.
False
A bankruptcy on its own does not disqualify you. A Chapter 7 discharged more than two years before closing can be set aside entirely. Inside two years it depends on what caused it and what you have done since.
False
A multi-unit property where you live in one unit is allowed, and it is a real strategy. The rule you cannot get around is occupancy. You certify you intend to live there, generally within 60 days of closing.
The part others skip
Occupancy is a certification, not a formality.
You certify you intend to live there. Reasonable time means within 60 days of closing. Beyond 12 months generally will not fly.
There is real flexibility built in. Take a VA loan, get transferred overseas, rent the place out, and you can still refinance later with an IRRRL based on having lived there before. That detail rarely comes up until it matters.
Where to start
You do not need a Certificate of Eligibility before we talk. Bring your situation, not paperwork.
Certified through the Veteran Mortgage Advisor program. This is a private certification and is not affiliated with or endorsed by the Department of Veterans Affairs.
Nothing here is a loan approval or a commitment to lend.