The VA does not have a minimum FICO score, however, all lenders have overlays that will impose a minimum. While most lenders will want something above 620, there are VA lenders that can go well into the lower 500s.

The VA loan can be used as many times as required with a few caveats. Not only can you use your VA loan more than once, but you can have more than one VA loan at one time.

  • Served 90 days during wartime
  • Served 181 days during peacetime
  • You have 6 years of service in the National Guard or Reserves, or served 90 days (at least 30 of them consecutively) under Title 32 orders.
  • You are the spouse of a service member who died while serving or due to a service-related disability.

Even though a VA loan doesn’t require a down payment, there are still costs to consider when purchasing a home. These expenses may include fees for VA appraisals, inspections, and closing costs. However, you may be eligible for credits from your lender or seller, which can help to reduce some of the closing costs.

It is possible to have more than one VA loan at the same time, depending on your circumstances. If you have paid off your previous VA loan, sold the property, refinanced the property out of the VA Loan or transferred the property to a new owner who also assumes the VA loan, you may be able to obtain another VA loan. Additionally, you may be eligible for a second VA loan using your bonus entitlement or one time restoration if you are using the benefit to purchase a new primary home.

It is possible to use a VA loan with a non-spouse co-borrower who is also not a veteran. However, in such situations, a down payment may be required, ranging from 12.5 to 14.5 percent of the total loan amount. This is due to the VA typically guaranteeing 25 percent of the veteran’s loan, and with only one VA-eligible co-borrower on the loan, the lender may only have half of that guarantee. As a result, the down payment helps to reduce the level of risk for the lender. It is important to remember that a VA loan is a government-backed mortgage designed to assist qualifying veterans or service members in obtaining a home loan.

As of January 1, 2020, there is no longer a maximum loan amount for VA loans. The loan amount can be up to 100 percent of the VA’s established reasonable value of the property (the appraised value). The only limiting factor is what you financially will qualify for.