Using Your VA Loan in Hampton Roads
The VA loan is one of the strongest benefits you earned. Here’s how it actually works in this market: the funding fee, the appraisal, condos, termite inspections and how to write a VA offer that competes.
Why the VA Loan Is Worth Using
What the VA Funding Fee Costs
The funding fee is a one-time charge that keeps the program running. Most buyers roll it into the loan. Here are the current rates for purchase loans:
| Down payment | First use | After first use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% or more | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
Source: U.S. Department of Veterans Affairs (va.gov), rates for loans closed on or after April 7, 2023. Confirm current rates with your lender.
You’re exempt from the funding fee if you:
- Receive VA compensation for a service-connected disability, or would if you weren’t receiving retirement or active-duty pay
- Are a surviving spouse receiving Dependency and Indemnity Compensation (DIC)
- Received a proposed or memorandum disability rating before closing
- Are an active-duty service member who has received the Purple Heart
Your Certificate of Eligibility will show whether you’re exempt.
What’s Different About VA Loans Here
Termite inspections
A wood-destroying insect inspection is typically required on VA purchases in Virginia. We’ll negotiate who pays for it in the contract.
VA-approved condos
Condos only qualify if the whole project is VA-approved. I check before we tour so you don’t waste a weekend.
The appraisal
VA appraisers check value and minimum property requirements. If the value looks low, the Tidewater Initiative gives us a short window to send better comps before the report is final.
Flood zones
If the home is in a FEMA special flood hazard area, flood insurance is required, and it can change your payment more than the price does.
Occupancy
VA loans are for a home you’ll live in. You generally need to move in within a reasonable time after closing. Deployed? Your spouse can satisfy occupancy.
Property tax relief
Virginia exempts the primary home of veterans rated 100% service-connected, permanent and total from real estate tax. Apply through your city.
“Will the Seller Take a VA Offer?” Yes, If It’s Written Well.
Some sellers still believe VA loans are slow or picky. In Hampton Roads, most listing agents see VA offers every week. A strong VA offer usually comes down to a solid pre-approval, a realistic closing date and a clear plan for the appraisal and repairs.
I’ll talk to the listing agent before we submit, explain why your offer is strong and structure concessions so the seller’s net still works.
- Get your Certificate of Eligibility (your lender can pull it)
- Get pre-approved with a lender who closes VA loans regularly
- Know your BAH and the payment you’re comfortable with, not just the max
- Ask about the funding fee exemption if you have a disability rating
- Budget for flood and homeowners insurance before you shop
- Plan your entitlement if you might keep this home as a rental later
Keep Planning Your Move
Real Reviews from Families I’ve Helped Move
“If me and my family could give MORE than 5 stars we would. Finding a good realtor is important.”— Sasha J., bought in Virginia Beach
“Tiffany was a pleasure to deal with. She worked tirelessly to help us find our dream house.”— Zillow reviewer, bought in Chesapeake
“Tiffany went above and beyond to help us in the process of selling our home.”— Zillow reviewer, sold in Virginia Beach
★★★★★ 5.0 on Zillow (6 reviews). Excerpts shown from verified Zillow reviews.
VA Loan Questions I Hear Most
Do I need a down payment for a VA loan?
Not if you have full entitlement and the home appraises at or above the price. Lenders may still have their own requirements, and putting 5% or more down lowers the VA funding fee.
How much is the VA funding fee?
For purchase loans, it’s 2.15% of the loan with less than 5% down on first use and 3.3% on subsequent use. It drops to 1.5% with 5% down and 1.25% with 10% down. Veterans who receive VA compensation for a service-connected disability are exempt, along with several other groups. Check va.gov for current rates.
Can the seller pay my closing costs on a VA loan?
Yes. Sellers can pay your normal closing costs, and VA allows seller concessions of up to 4% of the loan amount on top of that for things like the funding fee or paying off debt.
Can I use a VA loan for a condo in Hampton Roads?
Only if the condo project is VA-approved. Check before you fall in love with a unit, because approval is by project, not by individual unit.
Can I keep my VA-loan house as a rental when I PCS?
Yes, once you’ve lived there as your primary residence. Your entitlement stays tied to that loan, so talk to a lender about how much remaining entitlement you’ll have for your next purchase.
Are disabled veterans exempt from property tax in Virginia?
Virginia exempts the primary residence of veterans with a 100% service-connected, permanent and total disability rating, and eligible surviving spouses, from real estate tax. Apply through your city’s Commissioner of the Revenue or assessor’s office to confirm eligibility.
Let’s Make Your VA Loan Work for You
A quick call covers your timeline, your base, your budget and the lenders I trust for VA loans.
Tiffany Mosby, Realtor | Team Leader · 757-755-5625 · tiffanymosbyrealtor@gmail.com
Epique Realty · Office 888-893-3537 · VA License 0225251677 · Equal Housing Opportunity. Information is deemed reliable but not guaranteed. This page is general information, not lending, legal or tax advice. Loan terms, fees and eligibility are set by the VA and your lender. Tiffany Mosby is not affiliated with or endorsed by the U.S. Department of Veterans Affairs.