Finance · VA Loan Program

VA Loans. $0 Down. No PMI. You Earned It.

The VA loan is one of the most powerful benefits available to eligible veterans, active duty service members, and surviving spouses: no down payment, no monthly mortgage insurance, and competitive rates.

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Down payment

None

Monthly PMI

Reusable

Lifetime benefit

What it is

The benefit you earned through service.

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. That guarantee lets lenders offer $0 down and no private mortgage insurance to those who qualify, a combination no other mainstream program matches.

Eligibility is based on your service history and confirmed with a Certificate of Eligibility. VA loans are for a primary residence, and the benefit can be reused over your lifetime.

Why veterans choose VA loans

$0 down payment

Eligible buyers with full entitlement can purchase with no down payment, regardless of price. No years of saving required.

No monthly PMI

VA loans never require private mortgage insurance, which can save a typical buyer $100 to $300 or more per month versus a low down conventional loan.

Competitive rates

VA loans often carry rates below conventional loans, which can add up to meaningful savings over a 30 year term.

Funding fee can be waived

Veterans with a service connected disability rating of 10% or higher are exempt from the VA funding fee. The fee can otherwise be rolled into the loan.

How VA compares

General guidelines only. Actual requirements vary by lender and scenario.
Feature	FHA	VA	USDA	Conventional
Down payment	3.5%	$0	$0	3 to 5%
Mortgage insurance	MIP	None	0.35%/yr fee	PMI until 20% equity
Typical min. credit	580	Lender set	640	620+
Loan limits	County limits	Full entitlement	No hard cap	Conforming limit
Property use	Primary	Primary	Primary (eligible area)	Any
Who it fits	Most buyers	Veterans & military	Rural/suburban, income eligible	Good credit buyers

A VA loan may fit if you are…

An eligible veteran, active duty service member, or National Guard or Reserve member
A surviving spouse who meets VA eligibility rules
Buying a primary residence with little or no down payment
Looking to avoid monthly mortgage insurance
Planning to reuse your benefit for a future move

Common questions

VA loan FAQ

Can I use my VA benefit more than once?

Yes. The VA benefit is reusable for life. When you pay off a VA loan and sell, your full entitlement is restored, and in some cases you can hold two VA loans at once if you have remaining entitlement.

Do I need a down payment?

Not with full entitlement. VA loans allow $0 down for any purchase price. If you have reduced entitlement from a prior VA loan, a small down payment may be required on higher priced homes.

What is the VA funding fee?

A one time fee, roughly 1.25% to 3.3% of the loan, that helps sustain the program. It can be rolled into the loan, and veterans with a 10% or higher service connected disability rating are exempt.

Can I buy a condo or new construction?

Yes. Condos must be on the VA approved list, and lenders can often submit for approval. VA loans can also be used for new construction built by a VA registered builder that meets VA requirements.

What credit score do I need?

The VA sets no minimum score, though lenders typically look for 580 to 620. If your score needs work, a credit review can map out a path to qualify.

Free, no obligation

Start your VA loan review

Share a few details and a VA experienced advisor will confirm your eligibility and walk through your options. No pressure, no obligation.

By submitting, you agree to be contacted about your mortgage options by phone, text, or email. Reviews are offered through our trusted mortgage partner, Direct Rate, LLC (NMLS #2320473). You are not required to use any lender or provider we recommend. See full disclosures below.

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