Question 1

Do I need a Certificate of Eligibility to get a VA loan in Desert Hot Springs?

Accepted Answer

Yes. You must provide a Certificate of Eligibility proving active duty, veteran status, or surviving spouse status. The VA issues it free at VA.gov. Your lender will verify it before processing. Without it, you don't qualify for VA benefits.

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% APR (5.518% with 0.197 points costing $1,478 upfront). That's the rate as of April 8, 2026. Add property taxes, insurance, and HOA if applicable to get your total payment.

Question 3

Is there a funding fee on VA loans in Desert Hot Springs?

Accepted Answer

Yes. First-time VA users with zero down pay 2.15% funding fee ($16,125 on $750K). It rolls into your loan balance. Veterans with a 10% or higher VA disability rating are exempt. Subsequent VA loans carry 3.3% unless you're disabled.

Question 4

Can I put money down on a VA loan to lower the rate?

Accepted Answer

Yes. Putting down 5%, 10%, or 20% is allowed and lowers your funding fee. But it's not required. Most VA buyers skip the down payment because zero down is the program's main advantage.

Question 5

What credit score do I need for a VA loan in Desert Hot Springs?

Accepted Answer

VA minimum is 620, but most lenders require 740+. At 740 FICO, you'll get the best rates. Below 700, expect higher rates or overlays from some lenders.

VA 30-year fixed loans in Desert Hot Springs: zero down, no PMI, $750K purchase at 5.5%