VA home loans in Northern Virginia: a first-time buyer's guide

Who can use a VA loan

What $0 down covers, and what it does not

With full entitlement, an eligible buyer can purchase a primary home with no down payment, as long as you can afford the payment and the appraisal supports the price. Closing costs are still due. Seller concessions and lender credits can help with those costs. VA's funding fee and closing costs page explains what the seller can pay. There is no monthly private mortgage insurance. What buyers in Virginia usually pay at closing is in the closing costs guide.

The VA funding fee

The funding fee is a one-time charge that helps fund the program. It varies by your down payment and by whether this is your first use or a later use. Some veterans do not pay it, including veterans receiving VA disability compensation. It can be paid at closing or financed into the loan. I will not reprint the percentages. VA publishes the table. Ask your loan officer which row applies to your file.

Buying a condo with a VA loan in Northern Virginia

The condo project has to be VA approved. FHA approval does not mean VA approval. Search the VA condo report before you offer, and check the project name, not only the building's marketing name. Ask your loan officer if the report is unclear.

Using the benefit again, and loan limits

You can often use a VA loan more than once. It depends on your remaining entitlement, and entitlement can be restored after a prior VA loan is paid off. VA's entitlement and loan limits page says a buyer with full entitlement does not have a loan limit, as long as you can afford the loan and the appraisal supports the price. Partial entitlement is tied to county limits. For a Northern Virginia question, read that page instead of a number in an article. Those figures change. Ask your loan officer what your certificate shows.