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VA Loans
Zero down, zero PMI — the benefit you’ve earned.
Overview
VA loans are a powerful home financing benefit exclusively for eligible veterans, active-duty service members, and surviving spouses. Backed by the U.S. Department of Veterans Affairs, these loans offer exceptional terms that simply can’t be matched by conventional financing — including zero down payment and no private mortgage insurance.
Key Benefits
- ◎ No down payment required (100% financing)
- ◎ No private mortgage insurance (PMI)
- ◎ Competitive interest rates — often lower than conventional
- ◎ Flexible credit requirements
- ◎ Limits on closing costs
- ◎ No prepayment penalty
- ◎ Lifetime benefit — can be used multiple times
Who Qualifies for a VA Loan?
VA loan eligibility is based on your service history. Generally, you qualify if you served 90 consecutive days of active service during wartime, 181 days during peacetime, more than 6 years in the National Guard or Reserves, or are the surviving spouse of a service member who died in the line of duty. You’ll need a Certificate of Eligibility (COE) to apply.
Understanding the VA Funding Fee
VA loans don’t require PMI, but they do include a one-time VA funding fee. This fee ranges from 1.25% to 3.3% of the loan amount depending on your down payment and whether it’s your first VA loan. Veterans with service-connected disabilities may be exempt from this fee entirely.
VA Loan vs. Conventional Loan
On a $350,000 home purchase, a VA loan with zero down saves you $70,000 upfront compared to a 20% down conventional loan. Even with the funding fee, VA loans almost always cost less over time due to no PMI and lower rates — often saving veterans $200-$400 per month.
Frequently Asked Questions
Common questions about VA loans
Can I use a VA loan more than once?
Yes. The VA loan benefit is a lifetime entitlement. You can use it multiple times as long as you pay off the previous VA loan or sell the property. You can even have two VA loans at once in some circumstances.
Is there a maximum VA loan amount?
There is no maximum loan amount for VA loans, but there are limits on how much the VA will guarantee without a down payment. In most counties, you can borrow up to the conforming loan limit ($726,200 in 2023) with no down payment. Above that, a small down payment may be required.
How long does VA loan approval take?
VA loans typically close in 40-50 days, though we regularly close VA loans in 14-21 days. The extra step is the VA appraisal, which must be completed by a VA-approved appraiser.
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