VA loan questions, answered

None, if you have full entitlement and the price is at or below the appraised value.

2.15% for a first-use purchase with under 5% down, 1.5% with 5% down, 1.25% with 10% down, 3.3% for later use under 5% down, and 0.5% for an IRRRL. Veterans receiving disability compensation pay 0%.

Not with full entitlement. With partial entitlement, VA uses Cook County's 2026 conforming limit of $832,750 to calculate your guarantee.

VA has no minimum. Most lenders want 580 to 620. IHDA assistance requires 640.

Yes, if the building is a VA-approved condominium project. Check VA's condo report before you offer.

Yes. VA loans cover one to four units with no down payment if you live in one unit.

A 70% or higher rating takes up to $250,000 off your home’s assessed value, which erases the bill on most homes. 30% to 49% takes $2,500 off EAV and 50% to 69% takes $5,000 off.

Yes. VA does not limit closing-cost credits. Concessions such as paying your funding fee are capped at 4% of reasonable value.

Generally within 60 days of closing. A spouse can meet occupancy if you are deployed.

Yes. Entitlement can be restored after you sell and pay off the loan, and you may hold two VA loans with remaining entitlement.

No. VA loans have no private mortgage insurance or monthly mortgage insurance premium.

Call your servicer. Options include repayment plans, loan modifications up to 40 years, and the VA Partial Claim Program launched June 15, 2026.

Yes. A VA loan assumption lets you take over the seller’s rate and balance with servicer approval and a 0.5% funding fee. You must cover the gap between the price and the balance.

Yes, if the veteran died in service or from a service-connected disability, is MIA or a POW, or in some cases was totally disabled, and the spouse meets the remarriage rules.

Usually about two years after a Chapter 7 discharge, or after 12 months of on-time Chapter 13 payments with trustee approval.

For eligible buyers putting less than 20% down, usually yes: no down payment and no PMI. With 20% down and no funding fee exemption, a conventional loan can cost less upfront.