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VA Loans FAQ | Money Well Lending, LLC

VA Loans FAQ

Who is eligible for a VA loan?

VA loans are available to veterans, active-duty military personnel, reservists, National Guard members, and eligible surviving spouses. These loans offer significant benefits, including no down payment requirements, competitive terms, and no private mortgage insurance. Check eligibility details on the VA’s official site or explore our VA loan programs.

A veteran in Vancouver, WA utilized a VA loan to purchase a $500,000 home without needing any down payment, allowing her family to move into their dream home sooner.

Do VA loans have limits on how much I can borrow?

There is no set limit to how much you can borrow with a VA loan; however, the amount you can finance without a down payment typically aligns with the standard conforming loan limit ($726,200 as of 2023). Borrowing above this amount usually requires a modest down payment. Learn more about limits at VA loan limits or our mortgage basics.

A veteran financed an $800,000 home using his VA loan entitlement by making a minimal down payment for the portion above the conforming loan limit, greatly reducing upfront costs.

Is mortgage insurance required with a VA loan?

No, VA loans do not require private mortgage insurance (PMI), significantly lowering monthly payments compared to conventional or FHA loans. See how this compares in our PMI guide or HUD’s insurance overview.

A retired military officer was able to afford a higher-priced home thanks to the absence of PMI, saving hundreds each month compared to conventional options.

Can I refinance my existing VA loan?

Yes, the VA Interest Rate Reduction Refinance Loan (IRRRL), also called the VA streamline refinance, is designed specifically to help borrowers refinance quickly, often with reduced paperwork, no appraisal, and minimal closing costs. Visit the VA IRRRL page or our refinance guide for details.

A family used the VA IRRRL to refinance their home loan, substantially lowering their monthly payments and streamlining their financial obligations.

Can I use a VA loan for home renovations?

Yes, VA renovation loans let you finance both the purchase of a home and necessary improvements into a single loan. This can simplify the home-buying and renovation process considerably. Learn more from the VA purchase loan page or our construction FAQ.

A veteran couple financed a $400,000 home plus $30,000 in renovation costs through a VA renovation loan, customizing their new home to their preferences without draining their savings.

What is the VA Funding Fee, and can it be waived?

The VA Funding Fee is a one-time fee charged on most VA loans, typically between 1.25% and 3.3% of the loan amount. This fee can be financed into the loan amount. It may also be waived entirely for veterans receiving VA disability compensation. See the VA funding fee details or our closing costs page.

A disabled veteran successfully purchased a $600,000 home using a VA loan and had the funding fee waived due to his service-connected disability, saving him significant upfront and long-term costs.