2023 VA Loan Benefits Explained - VA Loan

Are you a first time home buyer interested in buying a house using an va loan in the 2023 housing market? What are the most recent VA loan requirements for 2023? What credit scores do you need? How long do you need to be employed? How much downpayment does VA require? What are the pros vs cons of VA Loans? In this video, we are going to discuss the 2023 VA Loan Requirements, answer some common questions around VA and show you how to do some basic VA calculations with regards to the upfront funding fee.

What is a VA loan? A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs

Check your VA Eligibility -

VA loan requirements 2023

✅Active Duty or Served 90 Continuous Days/Met length of service requirements which is generally 90 days in wartime and 181 days in peacetime/completed 90 days of active duty or 6 creditable years in selected reserve or national guard/surviving spouse of a veteran who died while in service or from a service related disability and have not remarried.
✅ FICO® score at least 580 (there are exceptions but they come with a cost)
✅ No Down Payment Required
✅MIP (Mortgage Insurance Premium ) is NOT required on VA Loans.
✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)
✅Condos have to be VA approved
✅The home must be the borrower's primary residence.
✅Borrower must have steady income and proof of employment.

Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty

#VA #Realtor #RealEstate

[YohannesMadeIT]

I’m a veteran with a 750 credit score. Currently debt free, just scared to buy at these prices

[House_hacker_]

I currently own 2 properties in San Diego using VA loan. It’s a great benefit and one way to build wealth.

[ke]

I bought my first condo with my VA loan then sold it and made a nice profit. I was thinking of using it again this year for another condo but we’ll see how things go. It’s definitely a great benefit to have.

[DustinWQ]

Maybe I missed it, but to add to, the reason why you're not required to have a down payment or mortgage insurance is because they back the loan up to 25%. Meaning if you default on a loan of 200, 000, the VA will pay the lender $50, 000. Which it's actually advantageous for the lender if you default, say 8 years into a 15 year mortgage. Also if you're lucky or unlucky depending on your perspective the funding fee is waived for disabled vets.

[danscalone]

Thank you for the information. First Timer and I had no idea where to start, it can be intimidating

[yvettemorris]

I just came across your yourtube channel and I'm a new subscriber and a new fan. I'm a retired Navy Veteran with a 6 figure income and I would like to purchase my first home in 2025, I love all the advice your sharing with ppl like me and I appreciate the advice so much. I will look at your referral list.

[GoodKnight]

Absolute great video Jeb! I’m planning on using the VA home loan while I’m in college to possibly buy a duplex or condo, live in it for a year then hopefully buy another and do the same and rent it all out in the end! Great way to start my real estate empire!

[Jack-frbk]

At 32 years old, I just bought a $700k home with a 788 credit score using a VA loan.

[domepiece]

Home Buying for Dummies is a GREAT resource. Sit down and read it. I also recommend The Complete Guide to Home Inspection.

[ElijahsThrone]

Thank you so much I’m a USMC vet been needing this info

[jessefiscus]

Without this video I would have been sitting here wondering if I could buy another home since we have moved. We ended up renting cause I didn’t want to get out of my VA loan on my first house and didn’t know I could have two at one time

[nae]

2:13 THANK YOU for your caution against those big "official sounding" national VA lenders. As a real estate agent nothing is more frustrating than working with one of these lenders. They often have components in various time zones so getting ahold of someone is a hassle not to mention they don't take calls outside "normal business hours". Guess what folks, 90% of real estate doesn't happen within anything close to "normal business hours". I need to be able to call the Lender on a Sunday 9AM or Saturday 9PM if needed. Please if you're looking for a VA lender go local! Trust your real estate agent, he or she has a lender they know they can trust. Buying a home is stressful don't take a chance on a cookie cutter VA lender because their name sounds "military".

[miterbenisdurty]

No money down but you need money. Im being told im going to have to pay 7k on closing costs for a 200k home.

[myufyhm]

I love your videos! Very educational. The only thing that would make them better is if there were time stamps/chapters so that we can skip around subsection to subsection. Thanks for the content!!!

[doralhomesbybettygonzalez]

Great video, thanks for busting all of these VA loans myths and educating, not only the consumer but other agents, as well. 🙌🏼

[mtiger]

Thanks for this video, I almost fell victim to veterans United. This was a great tutorial

[rowenaryder]

We are looking to buy a house after my partner gets out of the military. I'm doing as much research as I can to help out with the process

[hdpbnod]

I don't make a lot of money, not the best credit score, moved to Maine two years ago, and ready to buy. My bank approved me for only $120k due to my debt. I found a house on a website but the seller realtor said VA won't approve due to work needed. The photos don't show anything unacceptable. We ended the conversation there even though everything about the listing was perfect for me, location, land, etc. Perhaps the photos didn't show the work needed? Or is there another reason a realtor would say that? Because I've heard that many times before.

[megadownable]

Thank you for your in depth explanations.

[a.ayiinla]

For the requirements I’d like to add that they exempt you from leaving in the first home you buy if you have a deployment order
With that being said if you are deploying and you have your orders you can actually use it to rent the property out without even leave in it