VA Loan
The benefit veterans and service members have earned.
Zero-down financing backed by the Department of Veterans Affairs for eligible service members, veterans, and surviving spouses.
What is a VA loan?
VA loans are guaranteed by the U.S. Department of Veterans Affairs and offered through approved lenders. They typically require no down payment and no monthly mortgage insurance.
Designed for
Active-duty service members, veterans, National Guard, Reservists, and eligible surviving spouses.
Why choose it
It's one of the strongest mortgage benefits available, with no down payment, no monthly MI, and competitive rates.
Common use cases
- ◆First VA home purchase
- ◆Second-time use with entitlement
- ◆Refinancing an existing VA loan (IRRRL)
- ◆Cash-out refinancing
Built for borrowers who look like this.
Veterans
Retired or separated service members.
Active-duty service members
Purchasing near a duty station or elsewhere.
National Guard / Reservists
With sufficient service history.
Surviving spouses
Eligible under VA guidelines.
The advantages.
No down payment
100% financing for qualified borrowers.
No monthly PMI
No monthly mortgage insurance requirement.
Competitive rates
Often among the most competitive in the market.
Assumable
Future qualified buyers may assume the loan.
Things to weigh.
Funding fee
One-time funding fee applies; can often be financed.
Owner-occupancy required
VA loans are for primary residences.
Certificate of Eligibility
COE is required to establish entitlement.
Property standards
Home must meet VA minimum property requirements.
What lenders generally look for.
Requirements vary based on lender guidelines and borrower qualifications. The below is educational — not a commitment or offer of credit.
- Eligibility
- Certificate of Eligibility (COE) required
- Down payment
- 0% for eligible borrowers
- Occupancy
- Primary residence only
- Funding fee
- One-time fee, waived for eligible disability categories
Answers to what borrowers ask most.
Who qualifies for a VA loan?
Eligible active-duty, veterans, guard/reserves with qualifying service, and certain surviving spouses.
How do I get a Certificate of Eligibility?
Through the VA directly or via a VA-approved lender.
Is a down payment ever required?
Not typically for qualified borrowers with full entitlement.
Is there mortgage insurance?
No monthly PMI. A funding fee applies at closing.
Can I use VA more than once?
Yes. Entitlement can be restored or partial entitlement used.
Are VA loans assumable?
Yes, by qualified buyers.
Can I use VA for a second home?
No, VA is primary-residence only.
Is there a loan limit?
Full-entitlement borrowers can generally exceed conforming limits.
Can I refinance my VA loan?
Yes, via IRRRL (streamline) or cash-out.
Is the funding fee waived?
For eligible disability categories, yes.
VA Home Buying Guide
Everything eligible service members should know.
Run the numbers.
Educate yourself.
Complementary programs worth exploring.
FHA
A government-insured mortgage offering low down payments and flexible credit thresholds, ideal for first-time buyers.
Explore FHA loan requirementsConventional
A traditional mortgage backed by Fannie Mae or Freddie Mac guidelines, offering competitive rates and flexible terms.
Explore Conventional loan requirementsUSDA
Government-backed financing with no down payment required for eligible properties in qualifying areas.
Explore USDA loan requirementsAsk about VA.
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