Frequently Asked Questions
This program is unique in that, for qualifying borrowers, there is no required down payment. If the price of the home you is higher than the local loan limit or the appraised value, you may need to pay a down payment.
With this loan program neither type of Mortgage Insurance is required. There is a one-time funding fee required. The funding fee depends on the loan balance, your down payment, branch of the military, and if it’s your first VA loan.
The VA does not currently enforce any credit score minimums, but mortgage lenders do. To learn about credit score minimums, contact a mortgage consultant.
Closing costs are any expenses that you might have to pay over and above the price of the property. These costs can, but don’t have to include: origination fees, discount points, appraisal fees, title searches, and taxes.
In general, the most a homebuyer can borrow using a this loan program is $417,000. However, there are some circumstances in which a homebuyer can borrow more. If the cost of living is higher in the county the home is in, then the limit of the loan might be higher. To learn more about the limits in your area, contact a mortgage consultant.