Who’s a Good Fit for VA
Veterans, active duty, and some surviving spouses who will live in the house. A 2–4 unit works if you live in one of the units. If you already have a VA loan, we can talk about another purchase or a refinance.
No down payment is typical when the price isn’t above the appraised value. There is no monthly mortgage insurance. There is a one-time VA funding fee unless you’re exempt. Disability compensation is the usual exemption. Most people finance the fee into the loan. I won’t print a percent here.
Credit
VA itself does not publish a minimum credit score. We can look at files as low as 500. The rest of the file still has to work.
Certificate of Eligibility
We can pull your VA Certificate of Eligibility digitally and quickly. You don’t have to start that on your own.
Common questions
- Can I use this more than once?
- Yes. It’s a lifetime benefit if entitlement is available or restored.
- Can someone assume this loan later?
- Yes, if that buyer qualifies.
- Does the condo have to be special?
- Yes. It has to be on VA’s approved list.
- Is there a loan-size cap?
- Income, credit, residual income, and the house decide. I won’t print a number here that will be stale next year.
What I need from you
Income, credit, and the property. We pull the Certificate of Eligibility. VA also looks at residual income: what’s left after the mortgage and your other bills. Then we apply. Talk to me first if you want a second set of eyes on whether VA is actually the right box.