For veterans
VA home loans, explained by someone who used one
Danny bought his first home at 20 with a VA loan. Also, here is what military buyers should know before they start.
Why the benefit matters for veterans
First, veterans should confirm eligibility and entitlement. Then they can compare a VA loan with other loans, because the funding fee and the down payment change the payment. Also, the home must be a primary residence. Finally, the VA appraisal has to meet the minimum property requirements, and the lender orders it. You can also read the VA home loan overview, then bring questions to Danny.
- Low or no down payment for eligible borrowers with full entitlement, and it can lower the cash you need.
- No monthly PMI on VA loans, so there is no monthly mortgage insurance.
- One-time funding fee, which varies by down payment and use, and can be financed.
- Primary residence: the VA benefit is for homes you will live in.
- VA appraisal: the home must meet VA minimum property requirements.
Loans are made by VA-approved lenders. Danny is a real estate agent, not a lender, so use a lender to confirm your eligibility, rate and terms.
Common questions
Also, ask your lender whether the funding fee is financed, because that changes the loan amount. Then compare the payment with the calculator before you tour.
Do I need a down payment with a VA loan?
Eligible borrowers with full entitlement can often buy with no down payment, subject to lender approval and property requirements. A larger down payment can lower the VA funding fee.
What is the VA funding fee?
A one-time fee that helps sustain the VA loan program. It varies by down payment and whether it is your first use of the benefit, and it can usually be financed into the loan. Veterans who receive VA disability compensation, and certain others, are exempt.
Is there mortgage insurance?
VA loans do not carry monthly private mortgage insurance. The VA funding fee is a separate, one-time charge.
How do I prove eligibility?
Your lender can usually request a Certificate of Eligibility (COE) for you, or you can request one through the VA.
Can I use my benefit more than once?
Yes. Entitlement can be reused in several situations, for example after paying off a prior VA loan and selling the home. Your lender can confirm what applies to you.
Before veterans start
- Request your Certificate of Eligibility.
- Speak with a VA-approved lender about pre-approval.
- Decide how much you want to put down and review funding fee options.
- Connect with Danny to start your search or plan your sale.
General information only; VA program rules change. Confirm current details at va.gov or with your lender.
Let’s talk
Using VA benefits?
Danny understands the process from both sides of the table.
(760) 497-9964
First, gather your Certificate of Eligibility. Then talk with a lender. After that, set a budget. Meanwhile, Danny can start the search. Finally, tour homes that fit. Also, ask about the funding fee before you write an offer.