What are some of the guidelines for VA Loans?

Answer 1

✅ Eligibility:

Available to active-duty service members, veterans, reservists, and some surviving spouses.

Requires a Certificate of Eligibility (COE).

🏡 Property Requirements:

Must be a primary residence (no second homes or investment properties).

Requires a VA appraisal and must meet safety & habitability standards.

💰 Loan Benefits:

No down payment & no PMI required.

Competitive interest rates & no prepayment penalties.

Flexible credit requirements (580-620+ preferred).

💵 Costs & Fees:

VA funding fee (2.15%-3.3%, can be waived for disabled vets).

Seller can cover up to 4% of closing costs.

📉 Loan Terms & Refinancing:

No loan limits for full entitlement.

IRRRL for easy refinancing & cash-out refinance options.

🔄 Other Features:

VA loans are assumable (can be transferred to another qualified buyer).

Foreclosure assistance available for struggling borrowers.

Answer 2

There are many aspects to the guidelines for VA loans. They will guarantee a maximum of 25% of a home loan up to 104,250. There is a two year service requirement before qualification.