VA Loan Common Questions
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?
Yes, qualified candidates can use their VA entitlement over and over, as long as the loan is paid off each time.
> FHA Loan Overview
Can you get a VA Loan if you've had a bankruptcy or foreclosure?
If you've had a bankruptcy or foreclosure in the past, you may still be eligible for a VA Loan.
Does a VA Loan require mortgage insurance?
No, the VA Loan removes the mandatory mortgage that other loans require, saving borrowers more money each month.
Is there any other fees with a VA Loan?
Yes, there is a mandatory funding fee, it usually amounts to 2% of the loan amount. Read more about this fee here.
Can you have a co-borrower with a VA Loan?
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.
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Are there any pre-payment penalties with a VA Loan?
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.