No required down payment
Qualified borrowers with sufficient entitlement may finance the eligible purchase price.
VA HOME LOANSCompare VA loan benefits.
Compare VA loan benefits.
Review eligibility, cash, fees, and payment.
Eligible Veterans, service members, and surviving spouses may be able to buy with no required down payment and no monthly private mortgage insurance. Eligibility, entitlement, residual income, and the property still determine the final loan.
Compare VA loan benefits. Review eligibility, cash, fees, and payment.
A VA home loan is made by a private lender and partially guaranteed by the U.S. Department of Veterans Affairs.
No required down payment may be possible when entitlement, approval and property value support the transaction. A funding fee may apply unless the borrower is exempt.
The benefit does not replace underwriting or property review. Income, debts, credit history, residual income, occupancy, appraisal and the home still matter.
VA loan benefits and requirements.
No monthly PMI
VA financing does not include monthly private mortgage insurance.
Flexible credit review
The complete payment history and ability to repay matter more than one headline number.
Reusable benefit
Eligible borrowers may use VA financing more than once when entitlement supports it.
Eligibility starts the process. Approval still depends on the complete file.
A Certificate of Eligibility confirms recognized service and entitlement information. The lender still reviews income, debts, assets, credit history and residual income.
The property generally must be an eligible primary residence and support the loan through the VA appraisal and lender review.
Service eligibility
Confirm qualifying service and obtain the Certificate of Eligibility.
Entitlement
Review available entitlement and whether a prior VA loan affects the structure.
Residual income
Test the income remaining after major obligations and estimated housing expense.
Property fit
Confirm occupancy, value and applicable minimum property requirements.
CASH AND MONTHLY COSTStart prequalification →
No monthly PMI does not mean no program cost.
A one-time VA funding fee may apply and can often be financed. The amount can vary by loan purpose, down payment, prior use and exemption status.
Compare VA and Conventional using the same home, term and timing. Include funding fee, mortgage insurance, rate, APR, payment and cash to close.
How the loan process works.
Confirm eligibility
Review service history and request the Certificate of Eligibility.
Review the borrower details
Document income, debts, assets, credit, and residual income.
Compare VA with realistic alternatives
Use the same home, term, and timing for every option.
Review the property
Complete the VA appraisal and applicable lender requirements.
Confirm the final VA costs
Review cash to close, funding fee treatment, and the complete monthly payment.
Compare VA with other loans.
DecisionVAConventional
Down payment
No required down payment may be possible
May begin at 3% for certain programs
Mortgage insurance
No monthly private mortgage insurance
PMI may apply above 80% loan-to-value
Program cost
VA funding fee may apply unless exempt
No government program fee
Occupancy
Eligible primary residence
Primary, second-home and investment paths may be available
Questions buyers ask about VA loans.
Who may be eligible for a VA home loan?+
Veterans, active-duty service members, certain National Guard and Reserve members, and some surviving spouses may be eligible.
Can an eligible borrower buy with no down payment?+
A qualified borrower with sufficient entitlement may be able to finance the eligible purchase price when it does not exceed appraised value.
Does the VA set one minimum credit score?+
The VA does not publish one universal minimum credit score for its guaranty. Lenders review credit history and may establish requirements.
Is the VA appraisal a home inspection?+
No. The appraisal supports value and applicable VA property requirements. A buyer-selected inspection serves a different purpose.
Can the VA benefit be used again?+
Potentially. Available entitlement, prior VA loan history and the next transaction determine how the benefit can be used.
Does a borrower need to occupy the home?+
VA purchase financing is generally designed for an eligible primary residence. Confirm occupancy requirements for the specific transaction.
Can the funding fee be financed?+
It can often be included in the loan amount when the transaction and value support it. Confirm the final treatment in the written terms.
COMPARE WITH YOUR NUMBERS
Compare VA financing.
Start prequalification for a new purchase scenario, or enter the terms from an offer you already have.