Question 1

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

Accepted Answer

No. Active duty, veterans, National Guard, and Reserves with six years of service all qualify. Surviving spouses of deceased service members also qualify. You need a Certificate of Eligibility from the VA.

Question 2

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

Accepted Answer

Principal and interest run $4,258 per month. That's based on 5.5% interest, $750,000 loan, 30-year term, 740 FICO, primary residence. Add property taxes, insurance, and HOA if applicable.

Question 3

Do I have to pay the funding fee upfront?

Accepted Answer

No. The 2.15% funding fee ($16,125 on a $750K loan) rolls into your mortgage. You pay it over 30 years as part of your loan balance. Disabled veterans rated 10% or higher are exempt.

Question 4

Can I use a VA loan to buy an investment property?

Accepted Answer

No. VA loans are for primary residences only. You must occupy the home as your main residence. Investment properties, second homes, and vacation rentals don't qualify.

Question 5

How does the VA appraisal differ from a standard appraisal?

Accepted Answer

The VA appraisal ensures the home meets minimum safety and livability standards. It takes 7–10 days longer than a conventional appraisal. The VA won't approve a loan on a home that fails inspection.

VA 30-year fixed in San Fernando: zero down, $750K purchase at 5.5%