VA Loans
Financing benefits for eligible veterans and service members.
Overview
VA loans are guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, members of the National Guard and Reserves, and certain surviving spouses. The VA guarantee allows participating lenders to offer terms that often include no down payment and no ongoing private mortgage insurance, making it one of the most valuable benefits available to those who've served.
Who It’s For & What You’ll Need
- A Certificate of Eligibility (COE) confirming your qualifying military service
- Satisfactory credit and residual income, evaluated under VA guidelines rather than a fixed minimum credit score
- A VA funding fee in most cases, which can often be financed into the loan (some disabled veterans are exempt)
- The property must meet VA minimum property requirements, confirmed through a VA appraisal
- The home must generally be your primary residence
Benefits
- No down payment required for eligible borrowers under VA program guidelines
- No ongoing monthly private mortgage insurance
- Competitive rates historically compared to many conventional programs
- The VA loan benefit is reusable across multiple home purchases over your lifetime, subject to entitlement rules
Common Scenarios
- A first-time VA loan user buying their first home after leaving active duty.
- A veteran using restored entitlement to purchase again after a previous VA-financed home was sold.
- A disabled veteran confirming their funding fee exemption before applying.
Frequently Asked Questions
Who is eligible for a VA loan?
Eligibility generally extends to veterans, active-duty service members, certain National Guard and Reserve members, and some surviving spouses, based on length and character of service. Your Certificate of Eligibility confirms your specific eligibility.
Is there a limit to how many times I can use my VA loan benefit?
VA loan benefits can generally be used more than once over your lifetime, and in many cases can be restored after a previous VA loan is paid off or sold. Your available entitlement determines how it applies to a new loan.
Do I really not need a down payment?
For eligible borrowers, VA guidelines allow financing up to 100% of the home’s value in many cases, meaning no down payment is required — though putting money down can still reduce your funding fee and monthly payment.
What is the VA funding fee?
It’s a one-time fee paid to the VA that helps sustain the loan guarantee program, and it varies based on factors like your down payment and whether it’s your first time using the benefit. Certain disabled veterans are exempt from the fee.
Related Calculators
Run your own numbers before you apply:
Ready to Move Forward with VA Loans?
Start your application, or talk it through with a loan officer first — whichever fits where you are.