Question 1

Can I use a VA loan to buy a condo in Grover Beach?

Accepted Answer

Yes, if the condo complex is VA-approved. Many aren't, so we verify approval status before you waste time touring units that won't qualify.

Question 2

What if the home appraises below the purchase price?

Accepted Answer

The seller renegotiates or you walk with your earnest money. VA won't let you overpay, which protects you even if it kills some deals.

Question 3

Do I need reserves in the bank to qualify?

Accepted Answer

Not typically. Some lenders want 2-6 months reserves for higher loan amounts or weaker credit profiles, but it's not standard.

Question 4

Can I buy a fixer-upper with a VA loan?

Accepted Answer

Only if it's habitable at closing. The VA won't finance homes needing major structural or safety repairs. Look at the VA renovation loan for those.

Question 5

How does the VA funding fee work if I've used the benefit before?

Accepted Answer

It increases to 3.6% for subsequent use with zero down. You can avoid that by putting 5% down, which drops the fee to 1.5%.

Question 6

Can I rent out the property after buying with a VA loan?

Accepted Answer

Not immediately. You must occupy the home as your primary residence for at least 12 months before converting it to a rental.

VA Loans in Grover Beach: Zero Down for Service Members on the Central Coast