Frequently Asked Questions
VA home loans are mortgages guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and surviving spouses. The VA guarantees a portion of the loan, which allows lenders to offer zero down payment, no PMI, and more flexible qualification requirements.
The fee varies based on your service type, down payment amount, and whether you’ve used a VA loan before. For first-time use with no down payment, it’s typically around 2.15% of the loan amount. It can be rolled into the loan and may be waived entirely for veterans with service-connected disabilities.
Yes, VA loans have closing costs like any mortgage, including the appraisal, title fees, and lender fees. However, sellers can contribute up to 4% of the purchase price toward your closing costs, and you can use gifted funds to cover your entire down payment and closing costs. The VA funding fee can also be rolled into the loan rather than paid out of pocket.
Yes. VA loans in Arizona and across the U.S. are assumable, meaning a buyer can take over the seller’s existing VA loan, including its interest rate.
Yes, a non-veteran can assume a VA loan. However, if the person assuming the loan is not VA-eligible, the original veteran’s entitlement remains tied to that loan until it’s paid off. This is an important consideration, and Kyle’s team can walk you through how it affects your future VA benefit.
No. VA loans require the home to be your primary residence for at least one year. You cannot use a VA loan to purchase a property solely as an investment or rental. However, if you live in the home for one year and then move, you can rent it out at that point.
Yes. New construction is an eligible property type for VA financing. The home must meet VA minimum property requirements upon completion, and the process may involve additional steps such as inspections at different stages of construction.
A VA loan alone cannot be used to purchase vacant land. However, if you’re buying land and building a home on it as a single transaction—a construction-to-permanent loan—VA financing may apply. Kyle’s team can help you explore your options.
Yes. Your VA loan benefit is reusable. You can use it again after selling a previous home and restoring your entitlement, or in some cases, you can have more than one VA loan at a time if you have remaining entitlement.
Yes. Unremarried surviving spouses of veterans who died in service or from a service-connected disability are generally eligible. Some remarried surviving spouses may also qualify, depending on the circumstances.
Yes. Condos, townhomes, single-family homes, manufactured homes, and new construction are all eligible property types. For condos, the project typically needs to be on the VA’s approved list, though exceptions may apply.