VA FAQs

Who is eligible for A VA Loan?

The good news is that many active-duty service members, veterans, reservists, National Guard members, and eligible surviving spouses may qualify for a VA home loan.

In general, you may be eligible if you:

Have served at least 90 consecutive days of active duty during wartime.
Have served at least 181 days of active duty during peacetime.
Have completed six years of service in the National Guard or Reserves.
Are currently serving on active duty and have met the minimum service requirements.
Are the surviving spouse of a service member who died in the line of duty or as a result of a service-connected disability.

Eligibility requirements can vary based on your dates of service and military status. In addition to meeting VA eligibility guidelines, borrowers must also satisfy lender requirements related to credit, income, assets, and the ability to repay the loan.

Not sure if you qualify? Contact us today and we'll help you review your eligibility and obtain your Certificate of Eligibility (COE).

What is the difference between a VA loan and a Conventional Loan?

Both VA loans and conventional loans are offered by private lenders, such as banks and mortgage companies. The key difference is that VA loans are backed by the U.S. Department of Veterans Affairs, while conventional loans are not backed by a government agency.

For eligible veterans, active-duty service members, and qualifying military families, VA loans often provide significant advantages over conventional financing. These benefits may include:

No down payment requirement for qualified borrowers
No monthly mortgage insurance (PMI)
Competitive interest rates
Flexible credit and qualification guidelines
Limits on certain closing costs

Conventional loans, on the other hand, typically require a down payment, with some programs allowing as little as 3% down for qualified borrowers. However, borrowers who put down less than 20% are generally required to pay private mortgage insurance (PMI), which increases the monthly payment.

While both loan options can be excellent financing solutions, VA loans are often one of the most valuable homeownership benefits available to those who have served our country. Determining which loan is best depends on your financial goals, eligibility, and overall homebuying situation.

What types of properties can be financed with a VA Loan?

VA loans are designed to help eligible borrowers purchase, build, or refinance a primary residence. To qualify, the property must meet VA guidelines for safety, livability, and occupancy.

VA financing may be available for:

Single-family homes
Multi-unit properties (up to 4 units), provided the borrower occupies one of the units as their primary residence
VA-approved condominiums
Manufactured homes that meet VA eligibility requirements
New construction homes through approved VA loan programs

One of the most important requirements of a VA loan is occupancy. The home must be intended as your primary residence. VA loans cannot be used to purchase investment properties, vacation homes, or second homes.

If you're unsure whether a property qualifies for VA financing, our team can help you review the property's eligibility and guide you through the process.

Can I use my VA loan more than once?

Yes. VA loan benefits are not limited to a one-time use. Many eligible veterans and service members use their VA loan benefit multiple times throughout their lives.

What if I already have a VA Loan?

You may still be eligible for another VA loan, even if you currently have an existing VA mortgage. Depending on your remaining VA entitlement, you may be able to purchase another home using your VA benefits without paying off your current VA loan.

This situation is common for military families who receive a Permanent Change of Station (PCS), relocate for work, or decide to keep their current home as a rental property while purchasing a new primary residence.

Every situation is unique, and eligibility depends on factors such as your available entitlement, occupancy requirements, and financial qualifications. We can review your current VA loan and help determine the best options available for your next home purchase.