Please reach at rdbrownrealtor@gmail.com if you cannot find an answer to your question.
Eligible buyers include active-duty service members, veterans, National Guard members, Reservists, and some surviving spouses.
No. Most VA loans require no down payment.
No. VA loans do not require PMI, which can save you money each month.
Yes. You can reuse your VA loan benefit, as long as you meet the eligibility, loan entitlement requirements, and you have remaining entitlement.
The VA does not set a cap on how much you can borrow, but there are limits on how much liability the VA will assume, which can affect how much you can borrow without a down payment.
No. VA loans are issued by private lenders (such as banks and mortgage companies) and guaranteed by the Department of Veterans Affairs.
Yes. The home must meet the VA's Minimum Property Requirements (MPRs) to ensure it is safe, sanitary, and structurally sound. Click below for a copy of this list.
No. While lenders set credit requirements, VA loans are often more flexible than conventional loans.
Yes. VA loans are assumable, meaning a qualified buyer can take over your existing loan, interest rate, and terms - with VA approval.
Yes. Civilians may assume a VA loan if they meet lender qualifications, but they are not eligible for VA benefits, the seller's VA entitlement may remain tied to the loan.
In a high-interest market, assuming a VA loan with a low existing rate can save the buyer significant money.
Yes. If you're eligible and meet the lender's requirements, assuming an existing VA loan is an option worth exploring.
Yes. As long as you live in one of the units as a primary residence.
Yes. But not all lenders offer this option. It may require extra steps.
There's no set limit on purchase price, but VA loan guarantees apply, which affect how much you can borrow without a down payment.
Not directly. VA loans are for primary residences, but they can be used for new construction if combined with the land purchase.
Yes. Most VA loans require a one-time funding fee, which helps keep the program running. Some veterans are exempt due to disability status.
Yes. VA offers refinancing options like the Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline Refinance.
No. The VA guarantees part of the loan to lenders, but you still need to meet lender requirements for credit, income, and property.
Yes. The VA has flexible guidelines. You may be eligible after a waiting period.
Yes. The VA appraisal ensures the property meets Minimum Property Requirements (MPRs) for safety and livability.
It’s possible, under certain circumstances, if you have remaining entitlement.
Yes. Though most VA loans don’t require a down payment, gifted funds can be used for closing costs if allowed by the lender.
On average, VA loans close in 30 to 45 days — similar to conventional loans.
External Links Disclaimer:
You are now leaving yourhomejourneys.com. I am not responsible for the content, security or privacy practices of external websites. Please review their policies before sharing personal information.
Rebecca Brown, Realtor - The Real Estate Company
1403 Lexington Road, Richmond, KY 40475
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.