VA Loans
A benefit earned through service — zero down payment, no PMI, and competitive rates.
Program Overview
VA loans are one of the most powerful mortgage benefits available to eligible Veterans, active-duty service members, National Guard and Reserve members, and qualifying surviving spouses. Backed by the U.S. Department of Veterans Affairs, VA loans offer terms that no conventional program can match.
There is no down payment requirement, no private mortgage insurance (PMI), and competitive interest rates — often lower than conventional and FHA rates. VA loans have no loan limits for eligible borrowers with full entitlement (as of 2020), making them usable for higher-priced homes as well.
At a Glance
Who May Qualify
- Veterans, active-duty service members, National Guard, and Reserves (with qualifying service)
- Eligible surviving spouses of service members who died in service or from a service-related disability
- Must obtain a Certificate of Eligibility (COE) from the VA
- Minimum 580–620 credit score (lender-dependent, VA has no minimum)
- Primary residence purchases only (owner-occupied)
- Sufficient residual income and acceptable DTI ratio
- Property must meet VA Minimum Property Requirements (MPRs)
Advantages
- Zero down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates — typically below market
- VA funding fee can be financed into the loan
- Funding fee waived for Veterans with service-connected disability ratings
- Flexible credit and DTI guidelines
- Assumable loan — future buyer can take over your VA loan
Considerations
- Only for eligible Veterans, military, and qualifying spouses
- Primary residence only — no investment properties
- VA funding fee required (unless exempt)
- Property must meet VA Minimum Property Requirements
- VA appraisals can be stricter than conventional
VA loan eligibility and guidelines are determined by the U.S. Department of Veterans Affairs and individual lender requirements. Contact a VA-approved lender to verify your eligibility and obtain a Certificate of Eligibility (COE).
Ready to See If You Qualify?
Get a free personalized review from Alberto Cruz — a licensed loan officer who works with all of these programs daily.