Question 1

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 funding fee (0.197 points, about $1,478) rolls into the loan, so you're not paying it upfront.

Question 2

Do I need a Certificate of Eligibility to apply?

Accepted Answer

Yes. You'll need a Certificate of Eligibility from the VA. Active duty, veterans, reserves, and surviving spouses all qualify. The VA issues it online in minutes. Your lender can help you pull it if you don't have it.

Question 3

Can I put money down to lower the rate or avoid the funding fee?

Accepted Answer

You can put money down, but it doesn't lower your rate or exempt you from the funding fee. The fee applies to all VA loans unless you're a disabled veteran rated 10% or higher. Most buyers skip the down payment and keep cash liquid.

Question 4

What FICO score do I need to qualify?

Accepted Answer

Minimum is 620, but 740+ gets the best rates and terms. At 740, you qualify for this scenario. Below 680, overlays tighten and some lenders decline. Check with your lender early if you're in the 620-680 range.

Question 5

How long does the VA loan process take in California?

Accepted Answer

Most lenders close in 21 to 30 days. Brokers move faster than retail banks because they shop multiple lenders. Appraisals and title work add 7-10 days. VA loans don't require an appraisal waiver like some conventional loans do.

VA 30-Year Fixed in Patterson: Zero-Down Financing for Veterans