Are you stationed in Hampton Roads and wondering if a VA loan is your best path to homeownership? You are not alone. Many military and veteran buyers hear great things about VA financing but are unsure how it actually works in our coastal market. In this guide, you will learn how VA loans work, who qualifies, what they cost, and how to navigate local factors like flood zones, condos, and PCS timelines. Let’s dive in.
VA loans: what they are and why they help
VA loans are mortgages made by private lenders and backed by the U.S. Department of Veterans Affairs. That government guarantee reduces risk for lenders, which often helps you secure favorable terms.
Common VA-backed options include:
- Purchase mortgage for a move-in-ready home, certain condos, or some new construction
- Interest Rate Reduction Refinance Loan (IRRRL) for streamlining and lowering the rate on an existing VA loan
- Cash-out refinance to access equity if you qualify
- Native American Direct Loan (NADL) for eligible Native American veterans
Key advantages many buyers value:
- Typically no required down payment if you have full entitlement
- No private mortgage insurance (PMI), which can lower your monthly payment
- Competitive rates and flexible credit guidelines compared with many conventional options
- Seller concessions allowed within program rules
Who qualifies and how entitlement works
You may be eligible if you are active-duty, a veteran, a qualifying National Guard or Reserve member, or a certain surviving spouse who meets VA service requirements. To prove eligibility to a lender, you will need a Certificate of Eligibility (COE) from the VA. A VA-approved lender can often retrieve it for you.
Entitlement is the VA’s guarantee on your loan. If you have full entitlement, you often can buy with no down payment within commonly accepted lending limits. Above certain amounts, a down payment may be required. Because entitlement calculations vary by your specific situation, it is smart to confirm the numbers with a VA-experienced lender and review current VA guidance before you shop.
Documents you will likely need
- COE (Certificate of Eligibility)
- Service verification (DD-214, statement of service, or current LES)
- Income documents (pay stubs, W-2s, and tax returns if self-employed)
- Credit report and debt-to-income review
- Bank statements and asset documentation
- Property information and a signed purchase agreement
What VA loans cost
Even with zero down, you should plan for several standard costs:
- VA funding fee. This is a one-time fee that most borrowers pay at closing. It can be rolled into the loan. The percentage depends on your service category, down payment (if any), and whether it is your first or subsequent use. Some borrowers are exempt, including many with service-connected disabilities and certain surviving spouses. Always verify current rates and exemption criteria with the latest VA guidance.
- Closing costs. You will pay customary items like title fees, recording fees, and taxes. VA allows seller concessions up to a stated percentage, subject to program rules. Confirm what is permitted with your lender.
- Appraisal and inspections. A VA appraisal is required. You typically pay the appraisal fee. A home inspection is optional but strongly recommended, since an appraisal is not a full inspection.
Interest rates vary by lender and market conditions. It pays to compare offers from VA-approved lenders and to review estimated monthly payments, including taxes, insurance, and any flood insurance required.
Appraisal, MPRs, and what to expect
A VA appraisal checks fair market value and whether the property meets the VA’s Minimum Property Requirements (MPRs). MPRs focus on health, safety, and basic livability. Here are examples of items that may need attention:
- Working utilities and safe systems
- A roof with reasonable remaining life
- No active termite or significant pest infestation
- Safe water and sanitary sewage
If the appraiser flags issues, repairs may be required before closing. You can negotiate who completes and pays for those repairs. Your agent will help structure the offer to account for potential MPR items, especially on older homes.
Hampton Roads specifics to plan for
Buying in a coastal region brings a few local considerations. Planning ahead helps you stay on schedule.
- Flood zones and insurance. Many Hampton and Peninsula neighborhoods sit in or near flood zones. Lenders will require flood insurance where FEMA maps indicate risk. Get a flood determination and a quote early so you can budget accurately.
- Condominiums. VA financing often requires the condo development to be VA approved. If you are eyeing condos near Langley-Eustis, the waterfront, or in mixed-use areas, verify approval before you write an offer.
- Older and historic homes. The region has many older properties. These can be great finds, but they may trigger more MPR repairs for items like roofing, electrical, or heating. Budget time for repairs or inspections.
- PCS timing. Military moves drive a lot of local demand. Clear communication around reporting dates, leave windows, and remote signings helps you hit your target closing date.
- Competitive markets. In certain price points, you may see multiple offers. Strong preapproval, a clean offer structure, and an agent who understands VA appraisals can keep you competitive without taking on unnecessary risk.
Step-by-step: your VA loan journey
Here is a simple roadmap from first call to closing:
- Confirm eligibility and get your COE
- Ask a VA-approved lender to pull your COE or apply directly with the VA.
- Get preapproved
- Share income, credit, and asset documents so the lender can confirm your price range and monthly budget. Your preapproval letter strengthens your offer.
- Shop with a VA-savvy agent
- Focus on homes likely to pass MPRs and that fit your flood insurance budget. If you are considering a condo, verify VA approval.
- Make a smart offer
- Include appropriate financing and appraisal terms. Ask about seller concessions permitted under VA rules if you want help with closing costs.
- Appraisal, underwriting, and repairs
- Your lender orders the VA appraisal. If repairs are required to meet MPRs, your agent will help you negotiate solutions with the seller.
- Close and move in
- Finalize documents, sign, fund, and get your keys. Many transactions close in about 30 to 60 days, though appraisal scheduling or repairs can extend timelines.
How to write a stronger VA offer
In a tight market, small details add up. Here is how you can stand out:
- Get a full preapproval early. A thorough preapproval gives sellers more confidence than a quick prequalification.
- Choose properties that match MPR expectations. Fewer repair surprises means less risk to the seller.
- Show flexibility on timing. Align your closing with the seller’s preferred date when possible, especially if you are on a PCS schedule and can accommodate their move-out.
- Work with experienced pros. A VA-savvy lender and local agent can coordinate the appraisal, documents, and repairs efficiently.
For sellers: accepting a VA buyer with confidence
If you are selling a home in Hampton Roads, a VA buyer can be just as strong as any other buyer. Here is how to prepare:
- Pre-inspect and address safety items. Fix obvious issues like missing handrails, GFCI outlets where needed, and damaged roofing to reduce appraisal delays.
- Understand seller concessions. You may be able to help the buyer with closing costs within program limits. Confirm the current rules with your listing agent and the buyer’s lender.
- Plan for appraisal-driven repairs. If the VA appraiser requires repairs, decide early how you want to handle them so you can keep closing on track.
Flood, condo, and appraisal checklists
Use these quick checklists to save time and stress.
Flood readiness
- Ask your agent for the FEMA flood zone and request a flood insurance quote early.
- Confirm if the home has an elevation certificate or prior insurance policy documents.
- Add flood premiums to your monthly budget.
Condo readiness
- Verify the project’s VA approval status before you write the offer.
- Review HOA fees, budget, and any special assessments.
- Confirm insurance coverage and what your policy must include.
Appraisal readiness
- Target homes with well-maintained roofs, working systems, and no visible safety hazards.
- Order a separate home inspection to uncover issues early.
- Build in time for any required repairs before closing.
Where to verify details and learn more
VA program specifics such as funding fee percentages, exemption criteria, and condo approvals change over time. Before you make decisions, review the latest information from these authorities:
- U.S. Department of Veterans Affairs Home Loans pages for eligibility, COE, funding fee, and appraisal/MPR guidance
- Consumer Financial Protection Bureau for mortgage comparisons and VA loan education
- FEMA Flood Map Service Center and the City of Hampton floodplain resources for local flood data
- Hampton Roads Association of Realtors or your local MLS for market trends and inventory
Final thoughts
A VA loan can be one of the most powerful tools you have as a service member, veteran, or surviving spouse. With the right plan, you can use your benefit to buy with confidence in Hampton, from Fox Hill and Wythe to neighborhoods near Joint Base Langley-Eustis and beyond. Focus on eligibility, true monthly costs, and local factors like flood insurance and MPRs, and you will be set up for a smooth purchase.
If you want a VA-ready plan tailored to your PCS timeline or local budget, connect with The Foundry Group. Our veteran-led team helps you compare lenders, target VA-friendly homes, and negotiate repairs so you can close on time. Ready to explore selling too? Get Your Free Home Valuation and see your options.
FAQs
How do VA loans work for first-time buyers in Hampton Roads?
- VA loans can offer zero down with no PMI if you have full entitlement, plus competitive rates. You will still need to budget for a funding fee, closing costs, and a VA appraisal that checks MPRs.
What is a VA Certificate of Eligibility (COE) and how do I get it?
- A COE confirms you qualify for VA benefits. A VA-approved lender can often retrieve it for you, or you can apply directly through the VA.
Do I need a down payment with a VA loan in Hampton?
- Often no down payment is required with full entitlement within commonly accepted lending limits. For higher-priced homes, a down payment may be needed based on entitlement calculations.
Can I use a VA loan to buy a condo near the water or base?
- Yes, if the condo project is VA approved. Always verify the development’s approval status before writing an offer.
Are VA loans slower to close than conventional loans?
- Timelines are similar in many cases. Appraisal scheduling and MPR repairs can add time, so working with VA-experienced lenders and agents helps keep things on track.
How does flood insurance affect my VA loan in Hampton?
- If FEMA maps show flood risk, lenders will require flood insurance. Get quotes early and include the premium in your monthly payment estimate.
What is the VA funding fee and who is exempt?
- It is a one-time fee tied to your service category, down payment, and usage history. Some borrowers, such as many with service-connected disabilities and certain surviving spouses, are exempt. Check current VA rules to confirm.
