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Understanding VA Home Loans: Your Path to Homeownership

The first step to accessing your VA home loan benefits is obtaining a Certificate of Eligibility (COE). This document confirms to your lender that you qualify for a VA-backed home loan. If you need help with this process or have any questions, I’m here to guide you every step of the way!

Who Qualifies for a VA Loan?

  • Veterans who meet specific service length requirements

  • Active-duty service members with a minimum service period

  • Certain Reservists and National Guard members

  • Eligible surviving spouses of deceased veterans

Credit Score Requirements

  • The VA itself does not set a minimum credit score.

  • Lenders have their own credit score requirements, generally between 580 and 620, depending on your credit profile.

  • VA requires lenders to review your entire financial profile, not just your credit score.

Key Benefits of a VA Loan

  • No down payment required (unless your lender requires it)

  • No private mortgage insurance (PMI)

  • Lenient credit requirements compared to conventional loans

  • Exceptionally low interest rates

  • Reusable benefit for future home purchases

  • VA staff assistance available if you encounter financial difficulties

  • Loan can be assumed by qualified persons

  • Equal opportunity for all eligible veterans

What is the VA Funding Fee?

  • This is a one-time fee paid on VA-backed or direct VA home loans.

  • It applies when buying, building, improving, repairing, or refinancing a home with a VA loan — unless you qualify for an exemption.

  • Veterans receiving VA disability compensation are exempt from paying this fee.

How to Pay the Funding Fee

  • The funding fee can be included in your loan amount and paid off over time, or

  • Paid in full at closing.

How Much is the Funding Fee?

  • The fee varies based on your loan amount, type of loan, whether it’s your first time or a subsequent VA loan, and your down payment amount.

  • Your lender will calculate the exact fee and include it in your closing costs.

Special Offer for Veterans

As a thank you for your service, all veterans who purchase a home through me at Iron Valley Real Estate of Central PA will receive:

  • A free one-year home warranty

  • A free home cleaning before move-in

Need Help?

Whether you’re ready to apply for your VA benefits, have questions about lenders, or want assistance buying or selling a home, I’m here to support you.

Contact Katelyn Mayer
Iron Valley Real Estate of Central PA
📞 717-446-1640
✉️ kmayer359@gmail.com


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