VA Loan Common Questions
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What type of home can you buy with a VA Loan?
A VA Loan is typically designed for "move-in ready", single family homes, condos, etc. If you are planning on purchasing a working farm or a fixer upper, other loan options may be the better choice.
Can you buy a second home with a VA Loan?
No, VA Loans are for primary residences.
Can you get multiple VA Loans?
Can you get a VA Loan if you've had a bankruptcy or foreclosure?
Does a VA Loan require mortgage insurance?
Is there any other fees with a VA Loan?
Can you have a co-borrower with a VA Loan?
Are there any pre-payment penalties with a VA Loan?
Yes, qualified candidates can use their VA entitlement over and over, as long as the loan is paid off each time.
If you've had a bankruptcy or foreclosure in the past, you may still be eligible for a VA Loan.
No, the VA Loan removes the mandatory mortgage that other loans require, saving borrowers more money each month.
Yes, there is a mandatory funding fee, it usually amounts to 2% of the loan amount. Read more about this fee here.
VA Loans are a lot more strict on who can be a co-borrower on the loan. If you choose to have a co-borrower who is not your spouse or another veteran who meets the VA Loan qualification who will live at the primary residence with you, then a down payment will be required.
No, with a VA Loan you can make extra payments at any time which will help cut down the life of the loan and can save you thousands of dollars.