VA does not have a maximum loan amount. It is understood that lenders must generally have at least 25% of the loan guaranteed by VA to sell the loan on the secondary market. Limits may apply based on purchase price and entitlement.

The loan amount and guaranty percentage would be the same as for one Veteran. The use of two certificates does not mean you can double the guaranty or loan amount.

A Veteran can reuse the VA benefit multiple times as long as s/he has sufficient benefit to cover the new loan. In addition, the new home purchased must be the primary residence.

Real estate contracts typically detail how the buyer is financing the property (cash or mortgage loan). Prospective buyers using a home loan will usually need to specify the loan type. Some sellers shy away from considering VA offers, often because of myths and misconceptions about how VA loans work. Getting preapproved and having a VA-savvy real estate agent are two key steps that can help.

It's always a good idea to compare costs, VA loan rates and terms from multiple lenders. Those don't always have to be the deciding factors, although they'll certainly play a significant role. It's true that a "hard inquiry" on your credit can cause your score to dip a few points, but it doesn't happen every time. More importantly, the credit bureaus will treat multiple inquiries from mortgage lenders within a month or so as just one single pull rather than have each one potentially drag down your score. That allows you to shop around with confidence.

The VA program has occupancy requirements because it's a program for primary residences. Generally, you're supposed to occupy the property within 60 days of closing. A spouse can fulfill the requirement, which is one of the ways deployed or unavailable military members can purchase homes while serving.

However, this requirement can present obstacles for married couples who might need one spouse to stay behind or for military contractors who spend the majority of the year living abroad. If you and your co-borrower are expecting some potential occupancy issues, talk through them with your loan specialist as soon as possible.

VA loans do not require a down payment in most cases, and it's not uncommon for the seller to pay all of your closing costs. But you'll still need money upfront to cover things like an earnest money deposit, the appraisal and a home inspection. Again, it's possible to get all of that money back at the closing table if the seller agrees to pay for closing costs.