VA Loan
For veterans, active-duty service members, and surviving spouses
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Everything you need to know about the VA Loan in under 3 minutes
What is the VA Loan?
What are the benefits?
- No down payment — Finance up to 100% of the purchase price.
- No PMI — Skip the monthly mortgage insurance conventional borrowers pay.
- Lower interest rates — Typically 0.25%–0.50% below conventional rates.
- No loan limits — Veterans with full entitlement have no VA-imposed borrowing cap.
- Flexible credit — No official VA minimum credit score.
- No prepayment penalty — Pay it off early with no fees.
- Reusable for life — Use the benefit multiple times as long as entitlement is available.
What are the requirements?
- Military service: 90 days active duty (wartime), 181 days (peacetime), or 6 years in the National Guard/Reserves
- Honorable or General (Under Honorable Conditions) discharge
- Certificate of Eligibility (COE) — your lender can pull this in minutes
- Minimum 620 credit score (set by lenders; VA has no official minimum)
- Debt-to-income ratio at or below 41% (exceptions possible)
- Sufficient residual income after all monthly obligations
- Must be purchasing a primary residence — no investment or vacation properties
- Property must pass a VA appraisal and meet VA Minimum Property Requirements
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Frequently Asked Questions
- Do I have to make a down payment?
In most cases, no. About 8 in 10 VA homebuyers purchase without one. Borrowers with full entitlement can finance 100% of the purchase price. If you have partial entitlement — meaning a prior VA loan is still active — a down payment may be required depending on the purchase price. Your lender can calculate this quickly.
- Can I use my VA loan benefit more than once?
Yes, as many times as you want. The home must be your primary residence and you must have sufficient remaining entitlement. Once you sell and pay off your VA loan, your entitlement is typically restored. The VA also offers a one-time restoration if you’ve paid off a VA loan but still own the property.
- What credit score do I need?
The VA sets no minimum. Most lenders require at least 620 as an internal standard. Borrowers with lower scores may still qualify with strong compensating factors — it’s worth a conversation before assuming you won’t.
- What is the VA funding fee, and do I have to pay it?
It’s a one-time fee that sustains the program — typically 2.15% for first-time use, 3.3% for subsequent use. It can be rolled into your loan so nothing is due at closing. Veterans with a 10%+ service-connected disability rating and surviving spouses of veterans who died in service are fully exempt.
- Can I use a VA loan to buy any type of home?
VA loans work for single-family homes, VA-approved condos, and multi-unit properties up to 4 units (as long as you live in one). The property must pass a VA appraisal and meet minimum property standards. Investment properties and vacation homes are not eligible.
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