Eligibility and loan approval are different
A Certificate of Eligibility helps establish benefit eligibility, but it does not itself approve a mortgage. Lenders still evaluate income, debts, credit and the property's eligibility.
Getting the certificate early can help identify questions about service or entitlement before an offer.
Understand the VA funding fee
Many VA borrowers pay a one-time funding fee, which may be financed into the loan in eligible circumstances. Certain borrowers are exempt, including some eligible disability-compensation recipients.
The applicable fee depends on factors such as down payment, benefit use and exemption status. Confirm the fee for the specific transaction.
No down payment does not mean no cash needed
VA buyers may still owe closing costs, prepaid expenses, earnest money and other permitted charges. Builder or seller contributions may help, subject to VA rules.
Property taxes, insurance and HOA dues also affect affordability.
Evaluate the home and the budget
VA appraisals include minimum property requirement considerations. A property's condition can therefore affect timing and eligibility.
Before shopping, compare realistic monthly payments and discuss any anticipated moving timeline, including potential future relocation.
Frequently asked questions
Can a VA loan be used more than once?
Often yes, subject to remaining entitlement, eligibility and other rules.
Is mortgage insurance required on VA loans?
VA loans do not have monthly mortgage insurance in the same way FHA and many conventional loans do, though a funding fee may apply.
Discuss your mortgage options
Every loan scenario is different. Sarah can help review eligibility, program terms and tradeoffs for your situation.
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