For those who served, often the best loan available
No down payment, no monthly mortgage insurance, and competitive rates for eligible veterans, service members, and surviving spouses. We help you request your COE and shop 40+ lenders.
What is a VA loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. It is built to help veterans, active-duty service members, and eligible surviving spouses buy a home, often with no down payment and no monthly mortgage insurance.
You will need to meet service requirements and get a Certificate of Eligibility, and we can help with both.
Why use a VA loan?
For those who have earned it, a VA loan is often the single best mortgage available. Here is how it compares to other loans:
- No down payment required for eligible borrowers. Very few loans allow that.
- No monthly mortgage insurance, ever. Conventional loans charge PMI and FHA charges MIP when you put less down. VA never does, which is real monthly savings.
- Competitive rates, often lower than a comparable conventional loan.
- Flexible credit guidelines.
- A reusable benefit. You can use a VA loan more than once and restore your entitlement after you sell or pay off.
- No prepayment penalty, and VA loans can be assumable by another eligible buyer later.
A VA loan is for a primary residence you will live in.
Who qualifies, and what’s a COE?
Eligibility is based on your service. In general, VA loans are available to veterans who meet length-of-service requirements, active-duty service members, National Guard and Reserve members with qualifying service, and certain surviving spouses of veterans.
To use the benefit, you will need a Certificate of Eligibility (COE), the document that proves your entitlement to the VA. We help you request it when you get started. Two ground rules: the home has to be your primary residence, and you generally need to move in within about 60 days. Individual lenders can add their own credit or income guidelines, which is another reason shopping 40+ lenders matters.
The VA funding fee (and who pays nothing)
Because VA loans skip monthly mortgage insurance, they include a one-time VA funding fee instead. It helps keep the program running for the next generation. A few things to know:
- It can be rolled into your loan instead of paid up front.
- The amount depends on whether it is your first time using the benefit or a later use (roughly 2.15% first use and 3.3% for a later use with no money down). A down payment lowers it.
- A VA streamline refinance (IRRRL) carries a much smaller funding fee, currently 0.5%. If you already have a VA loan and rates improve, that is a low-cost way to lower your payment.
- Many veterans pay $0. If you receive VA compensation for a service-connected disability, you are generally exempt from the funding fee. The exemption also covers certain surviving spouses and Purple Heart recipients on active duty.
We will confirm your funding-fee status up front so there are no surprises.
VA loan FAQs
Do VA loans require PMI or monthly mortgage insurance?
No, and it is one of the biggest advantages. VA loans never carry monthly mortgage insurance, even with no money down. Conventional loans charge PMI and FHA charges MIP. VA does not.
Is the VA funding fee waived for disabled veterans?
Generally, yes. Veterans who receive VA compensation for a service-connected disability are typically exempt, as are certain surviving spouses and Purple Heart recipients on active duty. If you are exempt, you pay $0.
What is a VA IRRRL?
An IRRRL is the VA streamline refinance. If you already have a VA loan, it is a simpler way to lower your rate and payment, and it carries a much smaller funding fee (currently 0.5%).
Can I use my VA loan benefit more than once?
Yes. The benefit is reusable, and your entitlement can be restored after you sell or pay off a prior VA loan. Many veterans use it several times.
What credit score do I need for a VA loan?
The VA does not set a hard minimum score. Individual lenders do, and they vary. As a broker we shop 40+ of them to find the one whose VA guidelines fit you.
Can I use a VA loan for a rental or investment property?
No. A VA loan is for a home you will live in as your primary residence. In some cases you can reuse or restore your benefit later for a new primary home.
Can surviving spouses use a VA loan?
Yes, certain surviving spouses of veterans are eligible. We can help you confirm eligibility and request your COE.