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VA Loan Overview
The VA Loan is a mortgage program exclusively available to eligible veterans, active-duty service members, and select military spouses. This option offers favorable terms, including no down payment requirements and competitive interest rates.
Best for:
Eligible Veterans
Property type:
Single Family Home
Multi-Family Home (up to 4 units)
Condominium
Townhouse
Manufactured home
Multi-Family Home (up to 4 units)
Condominium
Townhouse
Manufactured home
Down payment (%):
0
Loan Term:
15, 30 Years
Rate type:
Fixed Rate, Adjustable Rate
Loan Limits:
Conforming
Key Benefits
No Down Payment
Benefit from the option of purchasing a home with no down payment.
Benefit from the option of purchasing a home with no down payment.
Flexible Credit Requirements
Qualify with competitive credit requirements, often lower than conventional loans.
Qualify with competitive credit requirements, often lower than conventional loans.
Funding Fee
Pay a funding fee that helps support the VA loan program.
Pay a funding fee that helps support the VA loan program.
Streamlined Refinancing
Explore options for refinancing with reduced documentation and requirements.
Explore options for refinancing with reduced documentation and requirements.
Ideal for Eligible Military Personnel
Exclusively available to veterans, active-duty service members, and qualifying military spouses.
Exclusively available to veterans, active-duty service members, and qualifying military spouses.
FAQ about VA Loan
What is a VA Loan?
A VA Loan is a mortgage program designed to provide eligible veterans, active-duty service members, and surviving spouses with affordable financing options for purchasing or refinancing a home.
Who is eligible for a VA Loan?
Eligibility is typically based on military service and discharge status. Veterans, active-duty service members, and some surviving spouses may qualify.
What are the benefits of a VA Loan?
Benefits include no down payment requirements, no private mortgage insurance (PMI), and potentially more favorable terms and interest rates.
Can I use a VA Loan to buy a second home or investment property?
No, VA Loans are intended for owner-occupied primary residences only.
What are the credit score requirements for a VA Loan?
VA Loans have more flexible credit score requirements, but a higher credit score can improve your chances of qualifying for the best terms.
Can I use a VA Loan to refinance my existing mortgage?
Yes, the VA offers several refinancing options for eligible borrowers, such as the VA Interest Rate Reduction Refinance Loan (IRRRL) and cash-out refinance.
Is there a funding fee for VA Loans?
Yes, VA Loans may require a funding fee, which can vary based on factors like the borrower's military category, down payment, and whether it's a first-time or subsequent use of the benefit.
What types of properties are eligible for a VA Loan?
Eligible properties include single-family homes, condominiums, and some multi-unit properties, as long as one unit is owner-occupied.
Can I finance the funding fee with a VA Loan?
Yes, the funding fee can be financed as part of the loan amount, allowing you to avoid an upfront out-of-pocket payment.
What is the VA appraisal process?
VA Loans require a VA appraisal to determine the property's value and assess its condition to ensure it meets VA's Minimum Property Requirements (MPRs).
Can I use a VA Loan if I have used the benefit before?
Yes, you may be able to use your VA Loan entitlement multiple times, depending on your previous VA loan history and remaining entitlement.
What documents are required to apply for a VA Loan?
Expect to provide proof of military service, income verification, and other standard documentation during the application process.
What are the closing costs associated with a VA Loan?
Closing costs can vary, but the VA has certain restrictions on the types of fees that veterans can pay, potentially reducing the overall cost.
Can I have a cosigner on a VA Loan?
VA Loans do not require a cosigner, as the borrower's income and creditworthiness are primarily considered during the underwriting process.
What should I do if I encounter financial difficulties and struggle to make my VA Loan payments?
If you experience financial hardship, contact your loan servicer immediately to discuss available assistance options, such as loan modifications or forbearance.
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