What is a VA home loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. It's a thank-you for your service: it removes the biggest hurdles to buying, like a large down payment and monthly mortgage insurance. For borrowers who qualify, a VA loan is usually the best option available.
What are the benefits of a VA loan?
- $0 down payment for eligible borrowers with full entitlement.
- No monthly mortgage insurance, which keeps your payment lower.
- Competitive rates, because the VA guarantee lowers the lender's risk.
- Flexible credit guidelines. You don't need a perfect score.
Who is eligible for a VA loan?
| Service type | Typical minimum service |
|---|---|
| Active duty | 90 continuous days |
| Veterans | 90 days during wartime or 181 days during peacetime (varies by era) |
| National Guard and Reserve | 6 years, or 90 days of active-duty service under certain orders |
| Surviving spouses | Eligible in some cases, such as a service-connected death |
Proof of eligibility comes from a Certificate of Eligibility (COE). I can usually pull yours online in minutes.
How much is the VA funding fee?
Instead of mortgage insurance, VA loans have a one-time funding fee that keeps the program running. Most people add it to the loan.
| Down payment | First use | Subsequent use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% to 9.99% | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
Purchase loans. Veterans receiving VA disability compensation are generally exempt. Fees set by the VA and subject to change.
Is there a limit on how much you can borrow?
With full entitlement, the VA doesn't set a maximum loan amount. Your limit is what you can afford. VA lenders look at your debt-to-income ratio and at residual income, meaning the money left over each month for food, gas, and everyday life.
What are the VA property requirements?
The home must be your primary residence and pass a VA appraisal, which checks value and basic safety: working heat, water, and electricity, a sound roof, and no structural or pest problems.
How do you get started?
- Get pre-approved. I'll review your income, credit, and assets and show you a comfortable price range.
- Get your Certificate of Eligibility. I'll pull it for you.
- Shop for a home with a pre-approval letter sellers take seriously.
- Final approval and appraisal. Most of the work is already done by this point.
- Close and get your keys.
I help VA buyers in Oregon, Arizona, and Colorado. See the step-by-step buying guide.
Related guides
Frequently asked questions
Do VA loans require a down payment?
No. Eligible borrowers with full entitlement can buy with $0 down. You can still choose to put money down, which lowers the funding fee.
Do VA loans have mortgage insurance?
No. VA loans don’t have monthly mortgage insurance, which is a big reason payments are often lower than other low down payment loans.
How much is the VA funding fee?
For first-time use with less than 5% down, it’s 2.15% of the loan amount; for later use, 3.3%. Putting money down lowers it, and veterans receiving VA disability compensation are generally exempt. Most people add it to the loan.
Is there a VA loan limit?
With full entitlement, the VA doesn’t set a maximum loan amount. The real limit is what you qualify for based on income, debts, and residual income.
Can I use a VA loan more than once?
Yes. VA entitlement can be reused, and in some cases restored after you sell. The funding fee is higher on subsequent use unless you’re exempt.
Educational only, not a commitment to lend. Program guidelines, limits, and pricing change, and every loan is subject to underwriting approval. Example numbers are illustrations, not quotes.
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