Do VA loans require a down payment?

Most eligible borrowers can buy with $0 down. A larger down payment is optional and may reduce the funding fee and monthly payment.

Is private mortgage insurance (PMI) required on VA loans?

No. VA loans do not require monthly PMI, which helps keep payments lower than many conventional or FHA options.

What credit score and DTI do I need for a VA loan?

The VA does not set a minimum credit score, but many lenders look for around 620+. A DTI near or below 41% is typical, with residual income guidelines applied by family size and region.

What is the VA funding fee and who is exempt?

The funding fee is a one-time charge that supports the VA program and varies by down payment and usage. Veterans with service-connected disabilities and some surviving spouses are exempt.

Are there VA loan limits in California?

Borrowers with full entitlement have no VA loan limits; approval is based on income, credit, and property qualifications. Where entitlement is partially used, county limits may apply.

What properties are eligible for a VA loan?

The home must be your primary residence and meet VA Minimum Property Requirements (MPRs). Eligible property types include single-family homes, some condos, and certain 2–4 unit properties when one unit is owner-occupied.

What are the steps to get a VA loan?

1) Check eligibility and obtain your COE, 2) Get pre-approved, 3) Make an offer on a home, 4) Complete VA appraisal and underwriting, 5) Close and move in.

Veterans Corner: Your Guide to VA Home Loans

Q: Who is eligible for a VA loan?

Eligibility generally includes 90 days of active service during wartime, 181 days during peacetime, more than 6 years in the National Guard or Reserves, or being an eligible surviving spouse. A Certificate of Eligibility (COE) is required.

At Ensure Lending, we’re honored to help veterans, active-duty service members, and eligible surviving spouses achieve the dream of homeownership through the VA Home Loan program. Backed by the U.S. Department of Veterans Affairs, VA loans offer powerful benefits you won’t find with other mortgage programs.

What Is a VA Loan?

A VA loan is a mortgage option available to those who have served or are currently serving in the U.S. military, as well as certain surviving spouses. While the VA guarantees the loan, it is issued by approved lenders like Ensure Lending. This guarantee allows lenders to offer favorable terms, often without a down payment or private mortgage insurance (PMI).

Key Benefits of VA Loans

No Down Payment Required – Buy a home with $0 down in most cases.
No Private Mortgage Insurance (PMI) – Unlike FHA or conventional loans, you won’t pay monthly PMI.
Competitive Interest Rates – VA loans typically offer lower rates compared to other programs.
Flexible Credit Guidelines – More lenient than many conventional loans.
One-Time VA Funding Fee – Can be rolled into the loan; waived for veterans with service-connected disabilities.
No Prepayment Penalty – Pay off your loan early without extra fees.
Assumable Loans – VA loans can be transferred to another qualified buyer, potentially at the same interest rate.

Who Is Eligible for a VA Loan?

You may be eligible if you meet at least one of the following service requirements:

Served 90 consecutive days of active service during wartime
Served 181 days of active service during peacetime
Served more than 6 years in the National Guard or Reserves
Are the spouse of a service member who died in the line of duty or from a service-related disability

Note: You’ll need a Certificate of Eligibility (COE) from the VA to verify your service. Ensure Lending can help you obtain it.

VA Loan Property Requirements

Must be your primary residence
Property must meet VA’s Minimum Property Requirements (MPRs) for safety, sanitation, and structural soundness
Can be a single-family home, condo in a VA-approved project, or certain multi-unit properties (up to 4 units if one is owner-occupied)

How Much Can You Borrow?

As of 2020, VA borrowers with full entitlement have no loan limits — meaning you can borrow as much as a lender is willing to approve based on your income and credit. In high-cost California markets, this is a significant advantage

VA Loan Credit and Income Requirements

Credit Score – No official VA minimum, but most lenders look for 620+
Debt-to-Income (DTI) Ratio – Typically 41% or lower, though exceptions are possible
Residual Income – You must have a certain amount of income left after expenses, based on family size and location

Down Payment & Funding Fee

Down Payment – Typically $0 for eligible borrowers
Funding Fee – A one-time charge to help sustain the program (1.25%–3.3% depending on usage and down payment amount)
- Exemptions: Veterans with a service-connected disability or certain surviving spouses

Steps to Getting a VA Loan with Ensure Lending

Check Eligibility – We’ll confirm your service history and help you obtain your COE.
Pre-Approval – Know your buying power before you start house hunting.
Find a Home – Work with a Realtor who understands VA requirements.
VA Appraisal & Underwriting – Ensure the property meets standards and you meet loan criteria.
Close on Your Home – Sign paperwork, get your keys, and move in.

Why Work with Ensure Lending for Your VA Loan?

Experience helping California veterans and military families navigate the VA loan process
Competitive rates and no hidden fees
Guidance through every step—from COE to closing
Local expertise in high-cost markets like San Diego, Orange County, and the Bay Area