What is a VA Loan?
VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses. This benefit was created to help those who served our country achieve homeownership.
Thank you for your service. It's my honor to help you leverage this valuable benefit you've earned.
VA Loan Benefits
🎖️
Zero Down Payment
Buy with 0% down up to the VA loan limit
🚫
No PMI Required
No monthly mortgage insurance, ever
💰
Competitive Rates
Often lower than conventional loan rates
🏠
Flexible Credit
No minimum credit score set by VA
⚖️
Limits on Closing Costs
VA restricts what fees lenders can charge
🔄
Reusable Benefit
Can be used multiple times throughout your life
🔧
VA Renovation Loan
Finance renovations with VA's home improvement options
🤝
Assumable
VA loans can be assumed by qualified buyers
VA Loan Eligibility
Who Qualifies for VA Loans?
- Veterans: Served on active duty and were discharged under conditions other than dishonorable
- Active Duty: Served 90 continuous days (wartime) or 181 days (peacetime)
- National Guard/Reserves: Served 6 years or 90 days of active duty (including 30 consecutive days)
- Surviving Spouses: Of service members who died in service or from service-connected disability
- Spouses: Of POW/MIA service members
Minimum Service Requirements
- Wartime Service: 90 days active duty
- Peacetime Service: 181 days active duty
- Post-9/11: 90 aggregate days after September 10, 2001
- Officers: Same requirements as enlisted
- Guard/Reserves: 6 years of service
Certificate of Eligibility (COE)
You'll need a COE to prove eligibility. I can help you obtain this through:
- Online at eBenefits.va.gov
- Through your lender (I can request it for you)
- By mail using VA Form 26-1880
VA Funding Fee
The VA funding fee is a one-time charge that helps keep the VA loan program running for future generations of service members. It can be financed into your loan amount.
| Loan Type / Down Payment |
First Use |
Subsequent Use |
| Purchase/Construction - 0% down |
2.15% |
3.3% |
| Purchase/Construction - 5% down |
1.5% |
1.5% |
| Purchase/Construction - 10% down |
1.25% |
1.25% |
| VA IRRRL Refinance |
0.5% |
| Assumptions |
0.5% |
✅ Funding Fee Exemptions: Veterans receiving VA disability compensation and surviving spouses are exempt from the funding fee.
California VA Loan Limits (2024)
As of January 1, 2020, eligible veterans with full entitlement have NO loan limit for VA loans. However, loan limits still apply to:
- Veterans with partial entitlement
- Loans requiring a down payment above certain amounts
| County Type |
2024 Limit (1 Unit) |
| Standard Counties |
$766,550 |
| High-Cost CA Counties |
$1,149,825 |
Full Entitlement: If you have full entitlement and sufficient income, you can borrow any amount with no down payment required.
VA Loan Requirements
Credit Requirements
- VA has no minimum credit score requirement
- Most lenders require 620+ credit score
- Manual underwriting available for scores below 620
- Recent credit history more important than credit score
Income Requirements
- Sufficient income to cover mortgage, debts, and living expenses
- Residual income requirements vary by family size and region
- Debt-to-income ratio typically up to 41% (can be higher with compensating factors)
- Stable employment history (typically 2 years)
Property Requirements
- Must be your primary residence
- Must move in within 60 days of closing
- Property must meet VA Minimum Property Requirements (MPRs)
- VA appraisal required
- 1-4 unit properties eligible
- Condos must be VA-approved
Types of VA Loans
VA Purchase Loan
Standard VA loan for purchasing a primary residence with 0% down.
VA IRRRL (Interest Rate Reduction Refinance Loan)
Also called VA Streamline Refinance. Fast, simple refinance for existing VA loans:
- No appraisal required
- No income verification
- No credit check required
- Must result in lower interest rate or more stable payment
- Can only refinance existing VA loans
- Funding fee: 0.5%
VA Cash-Out Refinance
Refinance any type of existing mortgage into a VA loan and take cash out. Maximum 100% LTV.
VA Construction/Renovation Loans
Finance the construction of a new home or renovations to an existing property.
Native American Direct Loan (NADL)
VA makes direct loans to eligible Native American veterans for homes on Federal Trust Land.
VA Loan vs. Other Programs
| Feature |
VA |
FHA |
Conventional |
| Down Payment |
0% |
3.5% |
3% |
| Mortgage Insurance |
None |
Required |
If <20% down |
| Upfront Fee |
2.15% (waived if disabled) |
1.75% |
None |
| Eligibility |
Military only |
Anyone |
Anyone |
| Property Type |
Primary only |
Primary only |
All types |
Common VA Loan Questions
Can I use my VA benefit more than once?
Yes! Your VA benefit can be used multiple times. Once you sell a property or pay off the VA loan, your entitlement is restored and you can use it again.
Can I have two VA loans at the same time?
Yes, if you have sufficient remaining entitlement and meet the other requirements. This is common for military members on PCS orders.
Can I buy a multi-family property with VA?
Yes! You can buy up to a 4-unit property as long as you occupy one of the units as your primary residence.
Does my spouse qualify for VA benefits after my death?
Surviving spouses may be eligible if the service member died in service or from a service-connected disability, or if the veteran is MIA or POW.
Can a non-veteran co-borrow with me?
Yes, but if the co-borrower is not an eligible veteran, you'll pay a higher funding fee and may need a down payment for the non-veteran's portion.
Can I buy a condo with VA?
Yes, but the condo project must be VA-approved. I can check the VA condo approval database for you.
CalVet Home Loans
California veterans also have access to CalVet home loans, offered directly by the California Department of Veterans Affairs. These loans offer competitive rates and unique benefits:
- Fire and hazard insurance included in payment
- Life insurance with disability waiver available
- CalVet purchases the property and you make payments to CalVet
- Different credit and income requirements than VA loans
I can help you compare CalVet vs. traditional VA loans to see which is best for your situation.