Question 1

Do I need to be currently active duty to qualify for a VA loan?

Accepted Answer

No. Veterans, active-duty service members, and surviving spouses all qualify. You need a Certificate of Eligibility from the VA. Active duty, honorable discharge, and surviving spouses of deceased service members are all eligible.

Question 2

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

Accepted Answer

Principal and interest run $4,258 monthly at 5.5% on a $750,000 zero-down purchase. Add property taxes, insurance, and HOA if applicable. This assumes a 740 FICO, primary residence, 30-day lock as of April 12, 2026.

Question 3

Do I have to pay the funding fee upfront?

Accepted Answer

No. The funding fee rolls into your loan balance. At 2.15% on a $750,000 loan, that's $16,125 added to what you owe. Disabled veterans rated 10% or higher, Purple Heart recipients, and surviving spouses are exempt from the fee entirely.

Question 4

Can I use a VA loan to buy a condo in Union City?

Accepted Answer

Yes, if the condo project is VA-approved. The VA maintains a list of approved projects. Not all condos qualify — the building must meet VA standards. Ask your lender to verify the specific property before you make an offer.

Question 5

Is the VA loan rate locked in for 30 days?

Accepted Answer

Yes. The rate shown is locked for 30 days from application. If you need more time, you can extend the lock, but that typically costs 0.125-0.25% in rate or an upfront fee. Appraisals take 7-10 days, so plan your timeline accordingly.

VA 30-Year Fixed Mortgages in Union City: Zero Down, Full Power