Question 1

Do I need to put money down with a VA loan?

Accepted Answer

No — VA loans require zero down. You borrow the full purchase price. The funding fee (2.15% for first-time use, zero down) replaces PMI and is built into your loan amount.

Question 2

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

Accepted Answer

Principal and interest run $4,258 monthly at 5.5%. Add property taxes, insurance, and HOA if applicable. The 5.5% rate assumes 740 FICO, 30-day lock, and 0.197 discount points ($1,478 upfront).

Question 3

Can I get a VA loan if my credit score is below 700?

Accepted Answer

Yes — the VA itself has no minimum FICO. Lenders typically require 620+. Rates improve above 740. At 680, you'd pay roughly 0.5-0.75% more. Call for a quote at your actual score.

Question 4

What if I'm a disabled veteran — do I pay the funding fee?

Accepted Answer

No — disabled veterans rated 10% or higher by the VA are exempt from the funding fee. Purple Heart recipients and surviving spouses are also exempt. Bring your VA rating letter to your lender.

Question 5

How long does a VA loan close in Santa Maria?

Accepted Answer

Typically 30-45 days from application to funding. The VA appraisal adds 10-14 days. Brokers often close faster than retail banks because they work with multiple wholesale lenders.

VA 30-Year Fixed in Santa Maria: Zero Down, 5.5% Rate