Exclusive home financing benefit for Veterans, Active Duty Service Members, and eligible spouses. Zero down payment, no PMI, and competitive rates as a thank you for your service.
A VA Loan is a mortgage program backed by the U.S. Department of Veterans Affairs, designed to help Veterans, Active Duty Service Members, National Guard, Reservists, and eligible surviving spouses achieve homeownership. This benefit is earned through military service.
VA loans offer unmatched benefits: no down payment required, no monthly mortgage insurance, competitive interest rates, limited closing costs, and flexible credit requirements. The VA guarantees a portion of the loan, protecting lenders and enabling favorable terms for borrowers.
Buy a home with $0 down and no PMI - the home loan benefit you've earned.
The most powerful home loan benefit available to those who served
VA home loan benefits are available to eligible service members and veterans
One-time fee that helps keep the program running (typically financed into loan)
| Loan Type | Down Payment | First Use | Subsequent Use |
|---|---|---|---|
| Purchase/Construction | None (0%) | 2.15% | 3.3% |
| Purchase/Construction | 5% - 9.99% | 1.5% | 1.5% |
| Purchase/Construction | 10% or more | 1.25% | 1.25% |
| Refinance (IRRRL) | N/A | 0.5% | 0.5% |
| Cash-Out Refinance | N/A | 2.15% | 3.3% |
See why VA loans offer superior benefits for eligible borrowers
| Feature | VA Loan | FHA Loan | Conventional |
|---|---|---|---|
| Down Payment | 0% | 3.5% (or 10%)% | 3-5% |
| Mortgage Insurance | None | Upfront + Monthly | PMI if <20% down |
| Credit Score | No VA minimum, but lenders typically require 580 | 580+ for 3.5% down, 500-579 for 10% down payment. | 580 minimum |
| Funding Fee | 2.15% - 3.3% (Can be financed) | 1.75% Upfront MIP | None |
| Loan Limit | No Limit (with full entitlement) | $541,287 – $1,249,125 | $832,750-$1,249,125 |
Step-by-step guide to using your VA home loan benefit
Request your COE online through eBenefits portal, via your lender, or by mail with VA Form 26-1880. Most lenders can get your COE within minutes electronically.
Fill out a formal loan application to verify your income, credit, and eligibility for final approval.
Shop for homes with your realtor. VA loans are well-regarded by sellers. Make offer with pre-approval letter and VA addendum explaining the benefits.
VA-assigned appraiser evaluates property for fair market value and VA Minimum Property Requirements. This protects you from overpaying or buying unsafe property.
Lender underwrites loan and verifies all information. VA reviews and issues loan guaranty. Receive Clear to Close notification, review closing disclosure.
Sign final documents, pay any closing costs (typically seller-paid or rolled in), and receive your keys. Move into your new home within 60 days!
Explore our resources to better understand VA loans and how they can help you become a homeowner.
VA loans offer several unique advantages for eligible veterans, active duty service members, and
surviving spouses:
Key Benefits: - No down payment required - No monthly mortgage insurance - Competitive interest rates
- Limited closing costs - No prepayment penalties
Additional Advantages: - More flexible credit requirements - Higher debt-to-income ratios allowed - No
maximum loan amount (subject to entitlement) - Assumable mortgage options - Lifetime benefit - can be
used multiple times
VA loan eligibility is based on military service requirements:
Active Duty Service Members: - 90 continuous days of active service during wartime - 181 continuous
days of active service during peacetime - 6 years of service in the National Guard or Reserves
Veterans: - 24 continuous months of service - Full period called to active duty (at least 90 days) -
Discharged for hardship, reduction in force, or service-connected disability
Other Eligible Borrowers: - Surviving spouses of veterans who died in service - Spouses of POW/MIA
service members - Surviving spouses of veterans who died from service-connected disabilities
The VA funding fee is a one-time payment that helps sustain the VA loan program:
First-Time Use: - 2.3% with no down payment - 1.65% with 5% down - 1.4% with 10% or more down
Subsequent Use: - 3.6% with no down payment - 1.65% with 5% down - 1.4% with 10% or more down
Funding Fee Exemptions: - Veterans receiving VA disability compensation - Veterans eligible for
disability compensation - Surviving spouses of veterans who died in service - Active duty service
members with Purple Heart
The fee can be: - Paid upfront at closing - Financed into the loan amount - Paid by the seller or
lender
VA loans technically don't have a maximum loan amount, but there are some considerations:
Loan Limits: - No limit for full entitlement borrowers - County-based limits for reduced entitlement -
Higher limits in high-cost areas
Full Entitlement: - No down payment required regardless of loan amount - Must qualify based on income
and credit - Lender overlays may apply
Reduced Entitlement: - May require a down payment for loans over the county limit - Based on remaining
entitlement after previous VA loans - Can be restored by paying off previous VA loans
Important Considerations: - Must still qualify based on income and credit - Property must appraise for
purchase price - Must be owner-occupied as primary residence
Connect with a VA-approved lender and get started today