VA Loan Questions, Answered in Plain English.

Entitlement is the amount the VA guarantees on your loan, which affects how much you can borrow with no down payment. If you already have a VA loan, you may have remaining entitlement to use on another. I'll review your entitlement and explain exactly what you have available before we plan anything.

The VA funding fee is a one-time fee that helps keep the program running. The percentage depends on your down payment and whether it's your first VA loan. Veterans receiving VA disability compensation, and some surviving spouses, are typically exempt. You can often roll the fee into your loan instead of paying it up front.

In some cases, yes. If you have enough remaining entitlement, you may be able to hold two VA loans at once, for example after a permanent change of station. It depends on your entitlement and the loan amounts. I'll calculate what's available and tell you honestly whether a second VA loan works for you.

For most eligible borrowers with full entitlement, the VA no longer caps how much you can borrow with no down payment, though your lender still qualifies you on income and credit. If you have reduced entitlement, limits can apply. I'll confirm where you stand so you know your real buying power.

Generally yes. To buy a condo with a VA loan, the project usually needs to be on the VA's approved list. If it isn't, it can sometimes be submitted for approval, though that takes time. I'll help you check a condo's status early so we avoid surprises once you're under contract.

VA loans are for homes you intend to live in as your primary residence, usually within about 60 days of closing. They're not designed for pure investment properties. There are exceptions for active-duty members and certain situations. I'll walk through the occupancy rules so your plans line up with what the program allows.

Often yes, for a property with up to four units, as long as you live in one of them as your primary residence. That can let you rent the other units while you live there. Rules apply on rental income and occupancy. I'll show you whether a multi-unit purchase fits your goals and entitlement.

In many cases, yes. Certain surviving spouses of veterans who died in service or from a service-connected condition may be eligible for VA loan benefits, sometimes with the funding fee waived. Eligibility has specific requirements. I can help you request a Certificate of Eligibility and confirm whether you qualify before you start shopping.

If you sell, your loan is typically paid off and your entitlement can often be restored. A qualified buyer may also assume the loan under VA rules. If you want a lower rate, a VA streamline refinance (IRRRL) can simplify the process. I'll explain assumption and refinancing so you pick what fits your situation.

No. The VA itself doesn't set a minimum credit score. Individual lenders set their own requirements, called overlays, and many look for something around 620 or higher. Because I work with many lenders, I can shop your file to a lender whose guidelines fit. If your credit needs work, I'll give you a real plan.

Yes. The VA loan benefit isn't a one-time deal. You can use it again and again as long as you have entitlement available. Once you sell and pay off a prior VA loan, your entitlement can often be restored for the next one. I'll review your entitlement and map out your options.