Question 1

Who is eligible for a VA loan?

Accepted Answer

VA loans are available to veterans with qualifying service (90+ days wartime, 181+ days peacetime), active-duty service members, National Guard/Reserve members with 6+ years of service or 90+ days of active duty orders, and surviving spouses of veterans who died in service or from service-connected disability.

Question 2

How many times can I use my VA loan benefit?

Accepted Answer

There is no limit. You can use your VA benefit as many times as you want. After selling a VA-financed home or paying off the loan, your entitlement can be restored for the next purchase.

Question 3

Is there really no down payment required?

Accepted Answer

Correct. VA loans offer 100% financing — no down payment required, regardless of home price (up to your entitlement). This is unique among major loan programs.

Question 4

What credit score do I need for a VA loan?

Accepted Answer

The VA itself has no minimum credit score requirement. Individual lenders set their own overlays, typically 580-620+. Airus Lending works with multiple VA lenders offering some of the most flexible credit guidelines available.

Question 5

What is the VA funding fee?

Accepted Answer

The VA funding fee is a one-time fee (1.25% to 3.3% of the loan amount) that helps fund the VA loan program. It varies based on service type, down payment, and whether it's first or subsequent use. It can be rolled into the loan amount.

Question 6

Who is exempt from the VA funding fee?

Accepted Answer

Veterans receiving VA disability compensation (10%+ rating), Purple Heart recipients on active duty, and surviving spouses receiving DIC benefits are exempt from the funding fee.

Question 7

Are there VA loan limits?

Accepted Answer

For veterans with full entitlement, there are no VA loan limits — you can finance any amount the lender approves with $0 down. Veterans with partial entitlement (e.g., an existing VA loan) may have limits based on the county conforming loan limit.

Question 8

Can I use a VA loan for an investment property?

Accepted Answer

VA loans require the home to be your primary residence. However, multi-unit properties (2-4 units) are eligible if you live in one unit — allowing you to house-hack and collect rental income.

Question 9

What is the VA appraisal?

Accepted Answer

A VA appraisal is performed by a VA-assigned appraiser to determine the property's fair market value and ensure it meets VA Minimum Property Requirements (MPRs) for health, safety, and structural soundness.

Question 10

What happens if the VA appraisal comes in low?

Accepted Answer

If the appraisal comes in below the purchase price, you can: negotiate a lower price, pay the difference in cash, request a Reconsideration of Value (ROV), or walk away with your earnest money (if the VA amendment is in the contract).

Question 11

What is a VA IRRRL?

Accepted Answer

The Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined VA refinance that allows you to lower your interest rate with minimal documentation — no appraisal, no income verification, and reduced closing costs.

Question 12

Can I get a VA loan for a condo?

Accepted Answer

Yes, but the condo or condo project must be VA-approved. You can check the VA-approved condo list at va.gov. If the project isn't approved, your lender may be able to submit the project for individual approval.

Question 13

Can I get a VA loan to build a new home?

Accepted Answer

Yes. VA construction loans allow you to finance the construction of a new home on land you own or are purchasing. These are typically one-time-close loans that convert to a permanent VA mortgage after construction.

Question 14

How long does a VA loan take to close?

Accepted Answer

Our average VA loan closes in about 21 days from executed contract. The VA appraisal typically takes 5-10 business days. IRRRL refinances can close in as little as 10 business days.

Question 15

Can I use my VA benefit after a bankruptcy or foreclosure?

Accepted Answer

Yes. VA guidelines typically allow eligibility 2 years after a Chapter 7 bankruptcy or foreclosure. Chapter 13 borrowers may be eligible after 12 months of on-time plan payments with court approval.

Question 16

Does Airus Lending specialize in VA loans?

Accepted Answer

Yes. VA loans are one of our core specialties. Our advisors handle VA loans daily, understand the nuances of COE, entitlement, funding fee exemptions, and VA appraisals, and work with multiple wholesale lenders offering the most competitive VA rates available.

VA Loan FAQ

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