Question 1

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

Accepted Answer

Yes. You must have a Certificate of Eligibility from the VA proving active-duty service, veteran status, or surviving-spouse status. Apply at VA.gov or through your lender. Processing takes 3–5 business days.

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% APR), 30-year fixed, 740 FICO, primary residence. Add property taxes, insurance, and HOA if applicable. Funding fee is 2.15% ($16,125) rolled into the loan.

Question 3

Can I get a VA loan with less than 740 FICO in Menlo Park?

Accepted Answer

Yes. VA's minimum is 620 FICO, but most lenders prefer 640+. Below 700, expect slightly higher rates or tighter overlays. Call for a rate quote at your actual credit score.

Question 4

Is the VA funding fee the same as PMI?

Accepted Answer

No. Funding fee is a one-time cost (2.15% for first-time use, zero down) rolled into your loan. PMI is monthly and never cancels on conventional loans. VA's funding fee is paid once; PMI is forever unless you refinance.

Question 5

Do I qualify for a funding fee exemption?

Accepted Answer

Yes, if you have a 10% or higher VA disability rating, a Purple Heart, or you're a surviving spouse. Otherwise, the 2.15% funding fee applies. Check your VA rating letter or call the VA to confirm.

VA 30-year fixed loans in Menlo Park: zero down, $750K at 5.5%