VA Mortgage Loans in Utah for Veterans and Service Members

VA mortgage loans can provide powerful home-financing benefits for eligible Veterans, active-duty service members, certain National Guard and Reserve members, and qualifying surviving spouses purchasing or refinancing a home in Utah.

For eligible borrowers, a VA-backed purchase mortgage may provide 100% financing with no down payment, provided the purchase price does not exceed the property's VA-supported reasonable value and applicable entitlement, underwriting, lender and program requirements are satisfied.

VA-backed mortgages also do not require monthly private mortgage insurance or FHA-style mortgage insurance premiums.

Whether you are purchasing in Salt Lake City, Sandy, Draper, Holladay, Park City, Heber City, Provo, Orem, Lehi, St. George or another Utah community, understanding your VA eligibility, entitlement and financing options before making an offer can help you approach the transaction with a clearer strategy.

Discuss Your Utah VA Mortgage Options

Daniel Paris
Utah Mortgage Broker
NMLS #243976
801-604-4949
UtahLowRate.com

Purchase, refinance, loan amount, rate, credit and property eligibility are subject to VA requirements and lender underwriting. Program availability and lender guidelines may change.

What Is a VA Mortgage Loan in Utah?

A VA mortgage loan in Utah is a home loan available through an approved private lender and partially guaranteed by the U.S. Department of Veterans Affairs. Eligible Veterans, service members and qualifying surviving spouses may use VA financing to purchase or refinance an eligible primary residence, often with no down payment and no monthly private mortgage insurance.

Key Facts About VA Mortgage Loans in Utah

VA Loan Feature	General Information
Program	VA-backed mortgage
Primary borrowers	Eligible Veterans, service members and qualifying surviving spouses
Certificate of Eligibility	Required to establish VA home-loan eligibility
Purchase financing	Available
Down payment	May be $0 for qualified borrowers when applicable requirements are met
Monthly PMI	Not required by the VA program
Primary residence	Generally required for VA purchase financing
Second home	Generally not eligible as a non-owner-occupied second home
Investment-only property	Not eligible as a VA purchase without required owner occupancy
Credit score	VA does not establish a universal minimum score; lenders may
Income	Must be sufficient under VA and lender underwriting requirements
Residual income	Considered during VA underwriting
VA appraisal	Required for applicable VA purchase transactions
Home inspection	Separate from the VA appraisal and strongly worth considering
Funding fee	May apply unless the borrower qualifies for an exemption
VA IRRRL	Available for qualifying existing VA loans
VA cash-out refinance	Available subject to applicable requirements
VA jumbo financing	Possible for qualified borrowers
Full entitlement	VA does not impose a county loan limit on borrowers with full entitlement
Partial entitlement	County conforming loan limits can affect the guaranty/down-payment calculation
Underwriting	Required

These are general VA program characteristics, not an approval or commitment to lend. Individual lender overlays and borrower circumstances can affect qualification.

What Are VA Mortgage Loans?

VA mortgage loans are mortgages made by private lenders and partially guaranteed by the U.S. Department of Veterans Affairs.

The VA guaranty reduces some of the lender's risk and allows eligible borrowers to access features that can include:

No required down payment in qualifying transactions
No monthly private mortgage insurance
Flexible VA underwriting principles
Purchase financing
VA-to-VA streamlined refinancing
Cash-out refinancing
Financing for a variety of eligible residential properties

A VA mortgage is not automatically approved simply because a borrower has military service.

Borrowers must establish VA benefit eligibility and also satisfy applicable credit, income, residual-income, property and lender underwriting requirements.

How Do VA Mortgage Loans Work in Utah?

An eligible borrower generally begins by obtaining a Certificate of Eligibility, commonly called a COE.

The COE confirms that the Department of Veterans Affairs recognizes the borrower as eligible to use the VA home-loan benefit. It can also show information relating to available entitlement.

The mortgage itself usually comes from a private lender rather than directly from the Department of Veterans Affairs.

A typical Utah VA purchase involves:

Establishing VA eligibility.
Obtaining a Certificate of Eligibility.
Reviewing credit, income, debts and assets.
Receiving mortgage preapproval.
Finding an eligible Utah property.
Entering into a purchase contract.
Completing VA-required appraisal processing.
Completing lender underwriting.
Reviewing final loan documents.
Closing the mortgage.

The specific sequence can vary by lender and transaction.

Who Is a Good Candidate for a Utah VA Mortgage?

VA financing may be worth exploring when you:

Have eligible military service
Are an eligible Veteran
Are currently serving on active duty
Have qualifying National Guard or Reserve service
Are an eligible surviving spouse
Plan to occupy the property as your home
Want to minimize the required down payment
Want to avoid monthly PMI
Have previously used a VA loan and want to determine whether entitlement remains available
Have an existing VA mortgage that may qualify for an IRRRL
Want to evaluate a VA cash-out refinance
Are purchasing a higher-priced Utah property and have sufficient entitlement and financial qualifications

Eligibility for the VA benefit and approval for a specific mortgage are separate issues.

Who May Not Be a Good Candidate?

A VA loan may not fit every transaction.

For example, it may not be appropriate when:

The borrower is not eligible for the VA home-loan benefit
The property will be used purely as a non-owner-occupied investment
The borrower cannot satisfy applicable income or credit underwriting
The property does not meet VA eligibility requirements
A condominium project does not meet applicable VA requirements
The transaction does not satisfy occupancy rules
Another mortgage structure provides a better financial fit for the borrower

Comparing VA financing with conventional, FHA and other available programs can be worthwhile before choosing a loan.

VA Home Loan Eligibility

Who Can Qualify for a VA Home Loan?

VA eligibility depends primarily on qualifying military service, duty status and other VA eligibility provisions.

Potentially eligible groups include:

Veterans
Active-duty service members
Certain National Guard members
Certain Reserve members
Certain eligible surviving spouses

The Department of Veterans Affairs—not the mortgage broker or lender—ultimately determines whether the borrower has eligible service for VA home-loan purposes.

Military service requirements differ depending on when and how the applicant served.

Certificate of Eligibility

What Is a VA Certificate of Eligibility?

A Certificate of Eligibility, or COE, is the VA document showing a lender that the applicant is eligible for the VA home-loan benefit based on qualifying service or another eligible status.

A COE does not guarantee mortgage approval.

The lender must still determine whether the borrower qualifies financially and whether the property and transaction satisfy applicable requirements.

A mortgage professional can often assist in obtaining the COE electronically when sufficient information is available.

VA Entitlement Explained

What Is VA Loan Entitlement?

VA entitlement is the amount of VA guaranty associated with an eligible borrower's VA home-loan benefit.

Entitlement is not the same as the amount of money a Veteran can borrow.

The borrower's actual mortgage amount depends on factors including:

Income
Credit history
Monthly debts
Assets
Property value
Purchase price
Available entitlement
Lender underwriting

Borrowers who previously used a VA loan may still have remaining entitlement or may be able to restore entitlement under qualifying circumstances.

Are There VA Loan Limits in Utah?

For an eligible borrower with full VA entitlement, the VA does not impose a county loan limit.

That does not mean a borrower can automatically obtain an unlimited mortgage.

The lender must still approve the requested loan based on the borrower's finances, credit profile and the property's value.

Borrowers with only remaining or partial entitlement may have their zero-down capacity affected by the applicable county conforming loan limit.

This distinction is particularly important for higher-priced Utah properties.

VA Jumbo Loans in Utah

Can You Get a VA Jumbo Loan in Utah?

Yes. A qualified borrower may be able to use VA financing for a loan amount above the conventional conforming loan limit.

With full entitlement, VA does not impose a general loan cap merely because the requested mortgage exceeds the conforming limit.

However, large VA loans still require sufficient qualifying income, acceptable credit, adequate assets when required, and an appraisal that supports the transaction.

This can be particularly relevant for higher-value homes in areas such as:

Park City
Deer Valley
Holladay
Draper
Alpine
Highland
Cottonwood Heights
Salt Lake City's higher-priced neighborhoods
Heber City and Midway

Lender guidelines for large VA mortgages can differ significantly.

Can a VA Loan Really Have Zero Down?

For qualified borrowers with sufficient entitlement, a VA purchase loan can generally finance up to the property's allowable value without requiring a traditional down payment.

A down payment could still become necessary in situations such as:

The purchase price exceeds the property's VA-supported value
The borrower does not have sufficient remaining entitlement
A lender imposes additional requirements
The transaction structure otherwise requires borrower funds

Zero down does not mean zero cost.

Borrowers can still have closing costs, prepaid property taxes, homeowners' insurance, escrow funding and potentially a VA funding fee.

VA Loans and Mortgage Insurance

Do Utah VA Loans Require PMI?

VA-backed loans do not require monthly private mortgage insurance.

This differs from conventional mortgages where PMI can commonly apply to loans with less than 20% equity or down payment.

VA borrowers may instead be responsible for a one-time VA funding fee, unless an exemption applies.

The funding fee and mortgage insurance are not the same thing.

Credit Score Considerations

What Credit Score Is Required for a VA Loan in Utah?

The Department of Veterans Affairs does not establish a universal minimum credit score for VA-backed mortgages.

Individual lenders can establish their own credit-score requirements.

As a result, one lender's minimum score should not automatically be interpreted as an official VA minimum.

VA underwriting evaluates the borrower's overall credit history and ability to repay the mortgage.

Credit events, housing-payment history, outstanding debts and compensating factors may all affect underwriting.

Income Requirements for VA Mortgages

VA borrowers must demonstrate sufficient qualifying income to support the proposed mortgage and existing obligations.

Depending on the borrower's circumstances, documentation could include:

Recent pay statements
W-2 forms
Employment verification
Federal tax returns when required
Military Leave and Earnings Statements
Retirement income documentation
Social Security or other eligible income documentation
Self-employment records
Asset statements
Other documents requested by the lender

Documentation requirements depend on the income type and individual loan file.

Can Self-Employed Veterans Qualify?

Yes. Self-employment alone does not disqualify an eligible Veteran from VA financing.

However, self-employed income typically requires appropriate documentation and underwriting analysis.

The lender may examine:

Business history
Tax returns
Profit-and-loss information when applicable
Business financial information
Stability and likelihood of continuing income
Business ownership percentage
Other applicable underwriting documentation

Self-employed borrowers should have their income evaluated before making assumptions about their purchasing power.

Residual Income and VA Underwriting

What Is Residual Income?

Residual income is the income remaining after certain monthly obligations and estimated expenses are accounted for.

VA underwriting places meaningful emphasis on whether a household has enough residual income available after paying anticipated obligations.

Residual-income guidelines vary based on factors such as:

Household size
Geographic region
Proposed loan amount

Residual income is one reason VA mortgage qualification cannot be determined from credit score alone.

Debt-to-Income Ratio

Debt-to-income ratio compares a borrower's qualifying monthly obligations with qualifying gross monthly income.

VA underwriting uses debt-to-income ratio as one factor rather than treating it as the only qualification test.

Files with higher ratios may require additional scrutiny and adequate compensating factors.

A borrower should therefore avoid assuming that a single advertised DTI percentage guarantees approval or denial.

Documents You May Need

A Utah VA mortgage application may require some or all of the following:

Government-issued identification
Social Security number
Certificate of Eligibility
Military-service documentation when necessary
Recent pay stubs
W-2 forms
Tax returns when required
Employment verification
Bank statements
Retirement or investment statements
Current mortgage statement for refinancing
Homeowners insurance information
Purchase contract
Documentation explaining major credit events when applicable

The exact documentation depends on the borrower and loan type.

VA Purchase Loans in Utah

Eligible borrowers may use VA financing to purchase qualifying residential property in Utah.

Potential property types may include:

Single-family homes
Certain VA-approved condominium units
Eligible manufactured housing
Certain multifamily properties
Newly constructed homes
Other eligible owner-occupied residential property

Property-specific requirements apply.

Can I Buy a Duplex, Triplex or Fourplex with a VA Loan?

Potentially.

VA financing can allow certain properties containing multiple residential units when applicable VA and lender requirements are satisfied and the Veteran intends to occupy the property as a primary residence.

This is different from purchasing a property strictly as a non-owner-occupied rental investment.

Underwriting will also consider the property's characteristics and any eligible rental income according to applicable guidelines.

Can I Buy an Investment Property with a VA Loan?

VA purchase financing is designed primarily for an eligible borrower's residence rather than a traditional non-owner-occupied investment property.

However, certain owner-occupied multifamily transactions can provide rental units while the qualifying Veteran occupies one unit.

The details should be reviewed before entering a contract.

Can I Buy a Second Home Using a VA Loan?

VA purchase financing generally requires qualifying occupancy by the eligible borrower.

A property intended solely as a vacation home or secondary residence without satisfying VA occupancy requirements generally does not fit normal VA purchase financing.

VA Refinance Options in Utah

Eligible Utah homeowners may have two important VA-backed refinance categories to consider:

VA Interest Rate Reduction Refinance Loan — IRRRL
VA Cash-Out Refinance

They serve different purposes and have different requirements.

VA IRRRL in Utah

What Is a VA IRRRL?

The VA Interest Rate Reduction Refinance Loan, commonly called an IRRRL or VA streamline refinance, is intended for borrowers refinancing an existing VA-backed mortgage.

An IRRRL may help an eligible borrower:

Reduce the interest rate when program requirements are met
Reduce the monthly principal-and-interest obligation in qualifying circumstances
Move from certain adjustable-rate structures to a more stable structure
Refinance an existing VA mortgage with streamlined documentation compared with some other refinances

An IRRRL is a VA-to-VA refinance. It is not designed to refinance a conventional mortgage into VA financing.

Rate, payment and recoupment requirements apply.

VA Cash-Out Refinance in Utah

Can I Use a VA Loan to Take Cash Out of My Utah Home?

Potentially.

The VA cash-out refinance program can allow eligible borrowers to refinance a mortgage secured by an owner-occupied home into a VA-backed mortgage.

Depending on the transaction, borrowers may use a VA cash-out refinance to:

Refinance an existing VA mortgage
Refinance certain non-VA mortgages
Access eligible home equity
Consolidate qualifying liens
Restructure existing mortgage debt

Maximum financing can depend on VA requirements, property value, entitlement and lender guidelines.

Do not assume every lender offers identical cash-out limits.

VA Funding Fee

What Is the VA Funding Fee?

The VA funding fee is a one-time charge that helps support the VA home-loan program.

For VA purchase and construction loans under the currently published VA schedule:

Down Payment	First VA Use	Subsequent VA Use
Less than 5%	2.15%	3.30%
5% or more	1.50%	1.50%
10% or more	1.25%	1.25%

Funding-fee schedules can change, so verify the fee applicable at the time of the transaction.

The funding fee can generally be:

Paid at closing, or
Financed into the mortgage when permitted

Who May Be Exempt from the VA Funding Fee?

Certain borrowers may qualify for a VA funding-fee exemption.

Examples identified by the Department of Veterans Affairs include certain borrowers receiving or eligible to receive VA compensation for a service-connected disability, certain eligible surviving spouses receiving Dependency and Indemnity Compensation, and certain active-duty Purple Heart recipients.

Eligibility for an exemption should be verified through the VA and loan documentation rather than assumed.

VA Closing Costs

A zero-down VA mortgage does not necessarily mean the borrower needs no money at closing.

Costs can include:

Lender charges
Discount points if selected
Title-related charges
VA appraisal fee
Homeowners insurance
Prepaid interest
Property-tax escrows
Recording charges
Other permitted closing expenses

The seller may pay certain borrower closing costs subject to applicable VA guidelines and the purchase agreement.

VA distinguishes ordinary closing-cost credits from seller concessions, and seller concessions are subject to separate VA limitations.

VA Appraisal Requirements

Does a VA Loan Require an Appraisal?

Yes, a VA appraisal is generally part of a VA purchase transaction.

The VA appraisal helps establish the property's reasonable value and addresses applicable property requirements.

A VA appraisal is not the same as a professional home inspection.

Homebuyers should consider obtaining an independent home inspection to evaluate the property's condition in greater detail.

VA Minimum Property Requirements

Properties financed with a VA mortgage must meet applicable VA property standards.

These standards are intended to address whether the property is acceptable collateral and satisfies applicable Minimum Property Requirements.

VA updated portions of its Minimum Property Requirements in 2026, so property-condition advice should rely on the current VA Lenders Handbook rather than outdated checklists.

VA Loans for Utah's Different Housing Markets

Utah contains very different real-estate markets, which can affect how VA financing is structured.

Salt Lake City and Salt Lake County

Veterans purchasing in Salt Lake City, Millcreek, Holladay, Murray, Sandy, Draper, Cottonwood Heights, South Jordan, West Jordan, Riverton or Herriman may encounter everything from entry-level properties to high-value homes.

For higher-priced properties, entitlement and VA jumbo financing become particularly important.

Utah County

Provo, Orem, Lehi, American Fork, Alpine, Highland, Pleasant Grove, Saratoga Springs and surrounding communities include existing homes and extensive new construction.

Buyers considering new construction should confirm that the property, builder transaction and proposed VA financing meet applicable requirements early in the process.

Park City, Heber Valley and Wasatch Back

Park City, Deer Valley, Heber City and Midway contain many higher-value properties.

Eligible Veterans purchasing in these communities may benefit from determining whether they have full VA entitlement before assuming that a conforming loan limit restricts their purchasing ability.

Condominium buyers should also verify applicable VA project eligibility.

Southern Utah

St. George, Washington, Ivins, Santa Clara and surrounding Washington County communities attract primary-home buyers, retirees and relocating households.

VA borrowers should establish whether the property will meet the required occupancy rules before selecting VA purchase financing.

16. Comparison Tables

VA Mortgage vs. Conventional Mortgage

Feature	VA Mortgage	Conventional Mortgage
Eligibility	Military/service eligibility required	No military eligibility requirement
COE	Required	Not required
Minimum down payment	May be 0% when eligible	Depends on program
Monthly PMI	VA program does not require PMI	Often applies below 20% equity/down payment
VA funding fee	May apply	No VA funding fee
Credit score	No VA-set universal minimum; lender standards apply	Program/lender standards apply
Primary occupancy	Generally required for VA purchase	Primary, second home or investment options may exist
Appraisal	VA appraisal process applies	Conventional appraisal process
Residual income	Important VA underwriting factor	Not generally structured using VA residual-income rules
Jumbo financing	Available for qualified VA borrowers	Available under conventional jumbo programs

VA vs. FHA Mortgage

Feature	VA	FHA
Military eligibility	Required	Not required
Down payment	May be 0%	Typically requires a minimum borrower investment
Monthly mortgage insurance	No VA monthly mortgage insurance	FHA mortgage insurance normally applies
Upfront program fee	VA funding fee may apply	FHA upfront mortgage insurance typically applies
Funding-fee exemption	Some VA borrowers are exempt	Different FHA rules apply
Occupancy	Primary residence	Primary residence
Loan limits	Full-entitlement VA borrowers have no VA county loan cap	FHA loan limits apply
Credit underwriting	VA + lender requirements	FHA + lender requirements

VA vs. Other Mortgage Programs

Program	Typical Use	Occupancy	Key Distinction
VA	Eligible military borrowers	Primarily owner occupied	Potential zero down/no monthly PMI
Conventional	Broad borrower population	Primary, second, investment	Standard agency underwriting
FHA	Primary-home financing	Primary	Government-insured financing
Jumbo	Higher loan amounts	Varies	Above conforming limits
Bank Statement	Self-employed Borrowers	Varies	Alternative income documentation
DSCR	Real-estate investors	Investment	Property cash-flow qualification
1099	Qualified 1099 earners	Program dependent	Alternative income documentation
Asset Depletion	Asset-rich borrowers	Program dependent	Uses qualifying assets to derive income

A VA-eligible borrower should not automatically assume an alternative mortgage is better or worse. The correct comparison depends on eligibility, occupancy, income, credit, property type and financial objectives.

VA Mortgage Loans Throughout Utah

UtahLowRate.com can discuss VA mortgage financing with eligible borrowers purchasing or refinancing homes throughout Utah.

VA financing can be relevant in:

Salt Lake County: Salt Lake City, Holladay, Millcreek, Cottonwood Heights, Murray, Sandy, Draper, South Jordan, West Jordan, Riverton and Herriman.

Utah County: Provo, Orem, Lehi, American Fork, Pleasant Grove, Alpine, Highland, Saratoga Springs and Eagle Mountain.

Summit and Wasatch Counties: Park City, Heber City, Midway, Hideout and surrounding communities.

Washington County: St. George, Washington, Ivins, Santa Clara and Hurricane.

The appropriate mortgage structure can differ substantially depending on whether the borrower is purchasing an entry-level home, new construction, a condominium, a multifamily property or a high-value residence.

Daniel Paris
Utah Mortgage Broker
NMLS #243976
UtahLowRate.com
801-604-4949

Daniel Paris works with Utah homebuyers and homeowners evaluating residential mortgage options, including VA, Conventional, FHA, Jumbo and alternative-documentation financing.

A mortgage broker can help a borrower evaluate available mortgage options, collect documentation, review the proposed transaction and work through the mortgage process with participating lenders.

Information on this page is educational and should not be interpreted as a commitment to lend or a determination that a specific borrower qualifies.

VA eligibility is determined under Department of Veterans Affairs rules. Mortgage approval remains subject to applicable lender, investor, VA, credit, income, property and underwriting requirements.

Ready to Buy a Home with Your VA Benefit?

Before shopping for your Utah home, determine:

Whether you have VA eligibility
Whether your COE is available
How much entitlement you have
Your estimated qualifying mortgage amount
Whether a down payment may be necessary
Your estimated cash needed for closing

Discuss Your Utah VA Mortgage Options

Daniel Paris
Utah Mortgage Broker
NMLS #243976
801-604-4949
UtahLowRate.com

Already Have a VA Mortgage?

If you currently have a VA loan, ask whether an IRRRL or another refinance option fits your goals.

Rates, closing costs, recoupment requirements and long-term costs should be considered before refinancing.

Call Daniel Paris at 801-604-4949.

20. Frequently Asked Questions

1. What is a VA mortgage loan in Utah?

A VA mortgage loan is financing made through an eligible private lender and partially guaranteed by the U.S. Department of Veterans Affairs. Eligible Veterans, service members and qualifying surviving spouses can use VA financing to purchase or refinance qualifying homes in Utah.

2. Can I buy a Utah home with no down payment using a VA loan?

Potentially yes. Qualified borrowers with sufficient entitlement may be able to purchase without a down payment when the purchase price and appraised value support the transaction. Credit, income, entitlement, property and lender underwriting requirements still apply.

3. What credit score do I need for a VA loan?

The Department of Veterans Affairs does not establish a universal minimum credit score for VA mortgages. Individual mortgage lenders can establish their own minimum credit requirements, so the lender's threshold should not be confused with an official VA minimum.

4. Do VA loans require PMI?

No. VA-backed mortgages do not require monthly private mortgage insurance. Depending on eligibility, borrowers may instead pay a one-time VA funding fee. Certain eligible borrowers are exempt from the funding fee.

5. What is a Certificate of Eligibility?

A Certificate of Eligibility, or COE, confirms that the Department of Veterans Affairs recognizes the applicant as eligible for the VA home-loan benefit. It does not guarantee mortgage approval because the borrower must still meet lender and VA underwriting requirements.

6. Can Daniel Paris help obtain my COE?

A mortgage lender or mortgage professional can often request the Certificate of Eligibility electronically when sufficient borrower and service information is available. Some applicants may need to provide additional military-service documentation before the VA can establish eligibility.

7. Are there VA loan limits in Utah?

Borrowers with full VA entitlement do not have a VA-imposed county loan limit. However, lenders still determine how much a borrower can afford. Borrowers with remaining or partial entitlement may have their zero-down borrowing capacity affected by applicable county conforming limits.

8. Can I get a VA jumbo loan in Utah?

Yes, qualified VA borrowers may be able to finance amounts above conventional conforming loan limits. Full entitlement can be especially important for higher-priced Utah homes. Income, credit, assets, property value and lender requirements still determine the amount that can actually be financed.

9. Can I use a VA mortgage more than once?

Yes. The VA home-loan benefit can potentially be used more than once. Whether the borrower has full entitlement, remaining entitlement or needs entitlement restoration depends on previous VA loan usage and the status of prior properties and mortgages.

10. Can I have two VA loans at the same time?

It may be possible in certain circumstances when sufficient entitlement remains and VA occupancy and underwriting requirements are satisfied. The borrower's existing entitlement usage must be evaluated before determining whether another VA loan is possible.

11. Can self-employed Veterans qualify for a VA mortgage?

Yes. Self-employed Veterans may qualify when they can document stable qualifying income and meet applicable VA and lender underwriting requirements. Tax returns, business financial information and other documentation may be necessary depending on the business and lender.

12. Can I use a VA loan for an investment property?

A VA purchase mortgage is designed around owner occupancy. A purely non-owner-occupied rental property generally does not qualify. However, eligible borrowers may potentially purchase certain multifamily properties while occupying one unit as their primary residence.

13. Can I buy a condo using a VA loan?

Yes, provided the condominium and transaction satisfy applicable VA requirements. Buyers should verify VA project eligibility early in the home-search process rather than waiting until the end of underwriting.

14. Does a VA loan require a home inspection?

The VA requires an appraisal for applicable VA purchase transactions, but the appraisal is not the same as a home inspection. Buyers should consider obtaining an independent professional inspection to evaluate the home's systems and physical condition.

15. What is a VA IRRRL?

An Interest Rate Reduction Refinance Loan is a VA refinance designed for an existing VA-backed mortgage. It is commonly called a VA streamline refinance. Qualification, rate, benefit, seasoning and recoupment requirements may apply.

16. Can I refinance a conventional loan into a VA loan?

An eligible homeowner may potentially refinance a non-VA mortgage using a VA cash-out refinance transaction when VA and lender requirements are satisfied. An IRRRL cannot be used because an IRRRL requires an existing VA-backed mortgage.

17. What is the VA funding fee?

The VA funding fee is a one-time charge associated with many VA home loans. The amount varies according to factors including loan type, down payment and whether the borrower has previously used the VA home-loan benefit. Some qualifying Veterans and surviving spouses are exempt.

18. Can the seller pay my closing costs?

VA rules permit sellers to pay certain allowable closing costs. The VA separately regulates seller concessions, which are generally subject to a 4% limitation on the home's reasonable value. The purchase contract and lender should identify which items are allowable.

19. Can I use VA financing to buy a home in Park City or Deer Valley?

Potentially yes. An eligible borrower may use VA financing for a qualifying property in Park City, Deer Valley or another Utah community when the borrower, property and transaction satisfy VA and lender requirements. High-value purchases may involve VA jumbo financing.

20. How do I start a VA mortgage preapproval in Utah?

Start by reviewing your VA eligibility, obtaining or requesting your COE, and providing the mortgage professional with income, employment, asset, debt and credit information. After underwriting eligibility is evaluated, you can determine an appropriate purchase-price range before making an offer.

Find Out How Your VA Home Loan Benefit May Work in Utah

VA financing can offer significant benefits, but the most important question is how those benefits apply to your entitlement, income, credit, property and home-buying goals.

Whether you are:

Buying your first home
Relocating to Utah
Purchasing a higher-value property
Using your VA benefit again
Refinancing an existing VA loan
Considering a VA cash-out refinance
Comparing VA financing with Conventional or FHA financing

the next step is to review your individual mortgage scenario.

Discuss Your VA Mortgage Options

Daniel Paris
Utah Mortgage Broker
NMLS #243976
801-604-4949
UtahLowRate.com

All mortgage programs are subject to borrower eligibility, VA requirements, lender underwriting, property eligibility, appraisal requirements and current program availability. Nothing on this page constitutes a commitment to lend, guarantee of approval, guarantee of an interest rate or guarantee of savings.