Question 1

Do I need to be active duty or a veteran to qualify for a VA loan?

Accepted Answer

Yes — you must be an eligible veteran, active duty service member, or surviving spouse with a Certificate of Eligibility. The VA defines eligibility by service length and discharge status.

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% on a $750,000 loan. That's the rate as of April 9, 2026, with 0.197 discount points ($1,478 upfront). Add property taxes, insurance, and HOA if applicable to get your full payment.

Question 3

Can I get a VA loan with less than a 740 credit score?

Accepted Answer

Yes — the VA minimum is 620 FICO, though most lenders prefer 640+. This scenario shows 740, which is solid. If your score is lower, we can still work with you; expect tighter underwriting and possibly a higher rate.

Question 4

Is the funding fee the same as PMI?

Accepted Answer

No — the funding fee is a one-time cost (2.15% for first-time use) that replaces PMI entirely. On a $750,000 loan, that's roughly $16,125. Unlike PMI, it never cancels and doesn't recur if you refinance.

Question 5

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

Accepted Answer

No — if you have a 10% or higher VA disability rating, you're exempt from the funding fee. Purple Heart recipients and surviving spouses are also exempt. Bring your VA disability letter and we'll waive it.

VA 30-Year Fixed in Cloverdale: Zero-Down Mortgages for Sonoma County Veterans