Question 1

What's the monthly payment on a $750,000 VA loan at 5.5%?

Accepted Answer

Principal and interest run $4,258 per month. Add property taxes, insurance, and HOA (if any) on top. The funding fee of $16,125 (0.197 points, about $1,478) is financed into the loan, not due at closing.

Question 2

Do I need a disability rating to get a VA loan?

Accepted Answer

No. Any veteran or active-duty service member with a Certificate of Eligibility can use VA financing. Disability rating exempts you from the funding fee, but it's not required to qualify. A 10% or higher rating waives the fee entirely.

Question 3

Can I use a VA loan to buy a second home or investment property?

Accepted Answer

No. VA loans are for primary residences only. The property must be where you intend to live. Investment properties and vacation homes don't qualify.

Question 4

How does the VA funding fee compare to PMI on a conventional loan?

Accepted Answer

The funding fee ($16,125 at 2.15%) is a one-time cost financed into your loan. PMI on a conventional loan with 5% down would cost roughly $300-400 monthly and take 12+ years to cancel. VA's structure is cheaper over time.

Question 5

What credit score do I need for a VA loan in Hayward?

Accepted Answer

Most lenders require 740 FICO minimum at this price point. Some lenders go as low as 620 with compensating factors (strong income, reserves). Call to discuss your specific profile.

VA 30-year fixed in Hayward: Zero down, $750K purchase at 5.5%