VA Home Loans – Frequently Asked Questions

Eligibility and Credit

• Can you get a VA home loan with a repossession on your credit?
• What are the housing history requirements for VA home loans?
• Can a veteran with bad credit still get a VA home loan?
• Who is the best lender for a VA loan if I have bad credit?
• How can I get approved for a VA home loan with no credit score?
• How can I get approved for a VA home loan with a 500 credit score?
• Can you still qualify for a VA loan if you have open collections on your credit?
• Can you get a VA loan with bounced checks?
• Can you get a VA loan if you are the child of a veteran?

Property and Occupancy

• What are the VA’s minimum property requirements for a home purchase?
• What can I do if my VA home appraisal comes in too low?
• Can I buy a rental property with a VA home loan?
• Can I buy a home with acreage using a VA home loan?
• Can I buy a mixed-use property with a VA home loan?
• What is intermittent occupancy with the VA home loan?

Loan Entitlement and Limits

• Can you have two VA home loans at the same time?
• How can I use the VA bonus entitlement calculator?

Costs and Fees

• How much are closing costs for a VA home loan?
• Can you roll closing costs into a VA home loan?

Refinance

• What is the difference between a VA cash-out refinance and a VA streamline (IRRRL) refinance?
• What is the VA Streamline Refinance (IRRRL) program?

Application Process

• How can I get a VA home loan after a bankruptcy?
• What do veterans need to know about the VA extenuating circumstances program?
• What is the VA Certificate of Eligibility (COE) and why is it needed?
• What should I do if I’m turned down for a VA loan by major lenders?

Myths and Misconceptions

• What are some disadvantages of a VA home loan?
• Are VA home loans really as expensive as some experts claim?

Other VA Loan Considerations

• What is payment shock on a VA home loan?