Using Your VA Loan in the DMV: What I Tell Every Military Buyer
The VA home loan is one of the best benefits you've earned. Here's what I want every military buyer to know before we start touring homes.
I'm a Realtor®, not a lender. Use this as a starting point and confirm the details for your situation with a VA-approved lender.
No down payment for many buyers
Eligible buyers with full entitlement can often buy with no down payment. In a high-cost area like ours, that's a big deal. You can still put money down if you want to lower your payment or the funding fee.
No monthly mortgage insurance
Conventional loans with less than 20% down usually carry private mortgage insurance. VA loans don't. That can make your monthly payment lower than you'd expect.
The VA funding fee
Most VA borrowers pay a one-time funding fee. It can be rolled into the loan. It's waived for veterans receiving VA disability compensation, and some other borrowers are exempt too. Ask your lender to check.
The VA appraisal
A VA appraiser checks the home's value and makes sure it meets the VA's minimum property requirements. Think safe, sound, and sanitary. Peeling paint on an older home, a broken handrail, or a roof near the end of its life can come up. I'll flag homes that might have trouble before you get attached.
Closing costs
You'll still have closing costs. A few ways we can cover some of them:
- Ask the seller to contribute in the offer.
- Lender credits, depending on your rate.
- My hero closing cost credit. As part of Foxtrot's 100 Heroes Project, I give a portion of my commission back toward your closing costs if you serve. Subject to lender approval.
Can VA offers compete?
Yes. Some sellers worry about VA loans, usually because of old myths about appraisals. A well-written offer, a responsive lender, and clear communication with the listing agent go a long way. That's my job.
Keeping the home after you PCS
A lot of families buy with a VA loan here and keep the home as a rental after their next move. Your lender can explain how entitlement works if you want to buy again at your next duty station.
Want to talk through your numbers? Fill out my home search form and I'll connect you with lenders who work with military buyers every day.
Military spouse and mom of two, helping families buy and sell in Northern Virginia and Southern Maryland with Foxtrot Company.