VA Home Loan Process

VA Home Loan Process FAQ

VA Purchase / Construction Loans

Type of Veteran Down Payment % - First Time Use % - Subsequent Use
Reg. Military & Reserves None 5% - 99% or more 2.15% 1.65% 1.4% 3.3% 1.65% 1.4%

* The higher subsequent use fee does not apply to these types of loans if the veteran’s only prior use of entitlement was for a manufactured home loan.

VA Cash Out / Regular Refinance Loans

Type of Veteran % - First Time Use % - Subsequent Use
Reg. Military & Reserves 2.15% 3.3%

VA Fixed Funding Fee Loans

Type of Loan % - First Time Use or Subsequent Use
IRRL (Streamline Refinance) 0.50%
Manufactured Homes (Not Perm. Fixed) 1.00%
Loan Assumptions 0.50%

  • How long does the loan process take?

    For purchases and refinances generally 30 days or less.

  • How do I get my Certificate of Eligibility?

    We can order it for you.

  • My credit isn't perfect what is the minimum credit score?

    Generally 600 is the lowest acceptable credit score, but in certain cases we can still approve you with less than a 600 credit score.

  • I am not currently stationed in the U.S. can I still buy a home?

    Yes, as long as your spouse will immediately occupy the home and your intent is to occupy the home the VA will approve your loan.

  • How much is the VA Funding Fee?

    VA is not a lender. It is a mortgage insurer. Because they charge no monthly mortgage insurance, they offset the risk of foreclosures by having all share in paying a funding fee, unless the veteran is diagnosed as at least 10% disabled.

  • I am the surviving spouse of a deceased veteran, am I eligible for the home loan benefit?

    The unmarried surviving spouse of a veteran who died on active duty or as a result of a service related disability is eligible for the home loan benefit.

  • I am recently divorced and the house we owned was awarded to my ex-spouse. Can I buy another home using my VA eligibility?

    Your entitlement cannot be restored unless the spouse refinances the property and pays off the existing VA loan in full or the ex-spouse is a veteran who substitutes their entitlement.

  • What is the maximum VA loan?

    There is no VA loan limit, however, there is a threshold where the zero down payment is eliminated. Loans over $766,550 require the veteran to contribute 25% of the down payment exceeding the amount of the purchase.

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