Question 1

Who is eligible for a VA home loan?

Accepted Answer

Eligible veterans, active duty service members, and certain surviving spouses may qualify for a VA home loan. A Certificate of Eligibility (COE) confirms eligibility based on service history.

Question 2

What is a VA Certificate of Eligibility (COE)?

Accepted Answer

The Certificate of Eligibility (COE) is an official document from the VA that confirms a borrower’s eligibility for a VA home loan based on military service.

Question 3

Do I need a Certificate of Eligibility before applying?

Accepted Answer

No, you do not need a COE before starting the application process. It can be obtained during the loan process.

Question 4

Can surviving spouses qualify for a VA home loan?

Accepted Answer

Yes, certain surviving spouses of veterans may qualify for a VA home loan if they meet VA eligibility requirements.

Question 5

Do VA loans require mortgage insurance (PMI)?

Accepted Answer

No, VA home loans do not require private mortgage insurance (PMI), which can reduce the overall monthly payment compared to other loan types.

Question 6

What is the VA Funding Fee?

Accepted Answer

The VA funding fee is a one-time fee paid to the Department of Veterans Affairs that helps sustain the VA loan program. The amount varies based on usage and loan details.

Question 7

Can the VA funding fee be financed into the loan?

Accepted Answer

Yes, in most cases the VA funding fee can be rolled into the loan amount, reducing the need for out-of-pocket expenses at closing.

Question 8

How much can I borrow with a VA loan?

Accepted Answer

VA loan borrowing limits depend on income, credit profile, and entitlement. Many qualified borrowers can purchase with no down payment up to conforming loan limits and beyond with sufficient entitlement.

Question 9

Can I buy a condo with a VA loan in Ohio?

Accepted Answer

Yes, VA loans can be used to purchase approved condominiums in Ohio. The condo project must be VA-approved.

Question 10

Can I buy a multi-unit property with a VA loan?

Accepted Answer

Yes, VA loans can be used to purchase multi-unit properties up to four units, as long as the borrower occupies one of the units as their primary residence.

Question 11

Can I use a VA loan more than once?

Accepted Answer

Yes, VA loans can be used multiple times. Eligibility may be restored after a loan is paid off, or remaining entitlement may allow another VA purchase.

Question 12

Do I have to live in the home if I use a VA loan?

Accepted Answer

Yes, VA loans are intended for primary residences, so borrowers are generally required to occupy the home.

Question 13

Can I use a VA loan to buy an investment property?

Accepted Answer

No, VA loans are not designed for investment properties. However, multi-unit properties may be allowed if one unit is owner-occupied.

Question 14

What is a VA IRRRL (Streamline Refinance)?

Accepted Answer

A VA IRRRL is a streamlined refinance option that allows eligible borrowers to reduce their interest rate or monthly payment with minimal documentation.

Question 15

What is a VA cash-out refinance?

Accepted Answer

A VA cash-out refinance allows eligible homeowners to refinance their mortgage and access home equity as cash for other financial needs.

Question 16

What is VA entitlement?

Accepted Answer

VA entitlement refers to the amount the VA guarantees on a loan. It helps determine how much a borrower can finance without a down payment.

Question 17

Are there VA loan limits?

Accepted Answer

VA loan limits vary by county and are tied to conforming loan limits. Borrowers with full entitlement may not have a set loan limit but must qualify based on income and credit.

VA Loans FAQ

Eligibility & Certificate of Eligibility (COE)

VA Loan Costs & Fees

Buying a Home With a VA Loan

Property & Occupancy Rules

VA Loan Refinancing

VA Loan Entitlement & Loan Limits