VA loans: you served, now get the home you've earned

VA loans are available to active-duty service members (after 90 continuous days), veterans who meet minimum service requirements, National Guard and Reserve members (6 years of service or 90 days active duty), and qualifying surviving spouses.

Specific service requirements vary by era. Generally, you need 90–181 days of active duty depending on when you served, or 6 years in the National Guard/Reserves.

With Tomo Mortgage, we'll help you determine your eligibility and request your Certificate of Eligibility (COE) to get started.

VA does not require a down payment, and most lenders (including Tomo) offer true 0% down VA loans.

However, you may choose to make a down payment to:

• Lower your monthly payment
• Reduce the VA funding fee (down payments of 5%+ reduce the fee)
• Strengthen your offer in competitive markets

But it's your choice—not a requirement. 0% down is one of the biggest advantages of VA loans over conventional financing.

The VA funding fee is a one-time cost that helps keep the VA loan program running without taxpayer expense. For most first-time users, it's 2.15% of the loan amount (3.3% for subsequent use).

Good news:

• You can finance it into your loan (no upfront cash required)
• It's waived entirely if you receive VA disability compensation
• It's still cheaper than years of PMI payments on conventional loans

Example: On a $400,000 loan, the fee is $8,600 (first-time use). Financed over 30 years, that's about $54/month—compared to $200–300/month for PMI on a conventional loan.

Yes! Your VA loan benefit is reusable. You can:

• Sell your home, pay off the VA loan, and use the benefit again
• Refinance your current VA loan into a new VA loan
• Purchase another home if you have remaining entitlement

There's no limit to how many times you can use it over your lifetime—it's a benefit that grows with you.

If you've used your VA loan before, Tomo can help you determine your remaining entitlement and eligibility for another purchase.

Yes, in some cases. You can have two VA loans simultaneously if:

• You have remaining entitlement (the VA guarantees up to $832,750 per loan in most areas)
• You're relocating for work or military orders and keeping your first home
• The second property will be your new primary residence

However, most borrowers use their VA loan for one property at a time, selling or refinancing before buying again.

Talk to a Tomo Mortgage loan advisor to determine your remaining entitlement and eligibility for a second VA loan.

The VA itself doesn't set a minimum credit score. However, most lenders (including Tomo) look for a credit score of at least 580–620.

Higher credit scores (700+) typically qualify for better interest rates. If your score is below 620, you may still qualify—VA loans are more flexible than conventional loans when it comes to credit.

Tomo Mortgage reviews each application individually. If you're unsure about your credit, talk to a loan advisor—we'll help you understand your options.

Yes, but with specific requirements:

Condos: The condo project must be VA-approved. Check the VA's approved condo list or ask your lender to verify. Not all condos qualify.

Multi-unit properties: You can buy up to a 4-unit property as long as you'll live in one of the units as your primary residence. This is a great way to house-hack and generate rental income while using your VA benefit.

Investment properties: No. VA loans are for primary residences only. You must intend to live in the home.

With Tomo Mortgage, you can close a VA loan in as little as 25 days.

Why we're faster:

• Digital documentation and instant account verification
• 7-day/week support to keep things moving
• Experienced team that handles VA appraisals and paperwork efficiently
• Automated underwriting that flags issues early

The VA appraisal can add a few days compared to conventional loans, but our VA loan process lets you close in as little as 25 days, while other lenders average 45+ days.

The biggest variable is the VA appraisal timeline, which we coordinate on your behalf.

Yes—and this is a huge advantage, especially in high-rate environments.

VA loan assumability means a future buyer can take over your loan (including your interest rate) when you sell. If you locked in a 4% rate and rates are now 7%, that's a major selling point.

Requirements:

• The buyer must qualify with the lender
• If the buyer is not a veteran, you won't get your full entitlement back
• The buyer assumes your loan balance at your original rate

This feature makes VA loans particularly attractive when selling in a rising-rate market. It's a benefit most conventional loans don't offer.