Question 1

Do I need a Certificate of Eligibility to get a VA loan?

Accepted Answer

Yes. You need a Certificate of Eligibility from the VA to qualify. Active duty, veterans, and surviving spouses can request one through VA.gov or eBenefits. Your lender can help you obtain it if you don't have one.

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 on a $750,000 loan at 5.5%. That's before property taxes, insurance, and HOA fees. The 2.15% funding fee ($1,478 in discount points, $15,975 total) rolls into the loan amount.

Question 3

Can I use a VA loan to buy in Sierra Madre with zero down?

Accepted Answer

Yes. VA loans require zero down payment. You pay a funding fee instead of PMI. First-time users with zero down pay 2.15% of the loan amount—about $15,975 on a $750,000 purchase.

Question 4

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

Accepted Answer

Most lenders require 620+ FICO to qualify. You'll get the best rates at 740+. At 740 FICO, you qualify for standard pricing without overlays or rate bumps.

Question 5

Is the VA funding fee the same as PMI?

Accepted Answer

No. The funding fee is a one-time cost rolled into your loan. PMI on a conventional loan repeats monthly until you reach 78% LTV. VA's funding fee costs less over time.

VA 30-Year Fixed Mortgages in Sierra Madre: Zero Down, Full Financing