The VA does charge a funding fee if the veteran does not have a t least 10% disability from the VA. This cost can add up with subsequent uses of the VA loan but it is something that can be financed above and beyond the purchase price so it's not cash out of your pocket at closing.Verify my mortgage eligibility (Feb 4th, 2023)
Although the VA does have minimum property requirements, it is put in place to ensure your home is safe. Some sellers or listing agents are turned off by this and may give Veterans a hard time using the VA loan when submitting offers. However, it's important to educate the listing agent to ensure they understand this does not make the VA loan less advantageous.
Additionally, there are pest and water (well) inspections that add a minor expense but, again it is for the benefit of the buyer to ensure that the home is indeed safe.
There are still closing costs you must plan for. If you do not have funds for closing you can ask for seller concessions to cover them or get a gift from a family member.
Active duty that are leaving military date within 12 months will need a civilian job offer letter lined up, statement to re-enlist, or letter from a commanding officer stating the veteran plans on re-enlisting. Without these, the military pay is not able to be counted towards income if there are less than 12 months of active-duty service remaining.Show me today's rates (Feb 4th, 2023)