Who is eligible for a VA loan?

Eligible borrowers include veterans with 90+ days wartime service or 181+ days peacetime, active-duty service members, National Guard/Reserve members with 6+ years of service, and un-remarried surviving spouses of service members who died in service or from service-connected causes.

Is there a VA loan limit?

Since 2020, borrowers with full VA entitlement have no loan limit. Those with reduced entitlement (from a previous VA loan still outstanding) follow conforming loan limits for their county.

What is the VA funding fee?

A one-time fee ranging from 1.25% to 3.3% of the loan amount depending on down payment, service type, and first or subsequent use. It can be rolled into the loan. Veterans with service-connected disabilities are completely exempt.

Can I have two VA loans at the same time?

Yes, if you have remaining entitlement. This typically happens when a veteran keeps one VA-financed property as a rental and uses remaining entitlement for a new primary residence.

VA Loans: Zero Down, No PMI for Veterans

VA loans are the best mortgage benefit for eligible veterans, active-duty service members, and surviving spouses. No down payment required, no PMI, and competitive interest rates.

What Is a VA Loan?

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. Like FHA, the VA does not lend directly — it guarantees a portion of the loan, allowing private lenders to offer exceptional terms. VA loans are widely considered the best mortgage product available, offering zero down payment, no private mortgage insurance, and typically the lowest interest rates of any loan type.

VA Loan Benefits

No Down Payment

100% financing available. No down payment required on loans up to the conforming limit (no limit with full entitlement since 2020). This alone saves tens of thousands upfront.

No PMI — Ever

VA loans never require private mortgage insurance, even at 100% LTV. This saves $100–$400+/month compared to conventional or FHA loans with low down payments.

Lower Interest Rates

VA rates are typically 0.25%–0.50% lower than conventional rates. Over a 30-year loan, this can save $20,000–$40,000 in interest. See today's VA rates.

Lenient Credit

No VA-mandated minimum credit score (most lenders use 620). Flexible DTI with residual income test. More forgiving of past credit issues.

VA Funding Fee

One-time fee of 1.25%–3.3% (can be rolled into loan). First-use with no down = 2.15%. Waived entirely for veterans with service-connected disabilities.

Reusable Benefit

VA loan entitlement can be reused. Sell a VA-financed home and use the benefit again. Some borrowers can even have two VA loans simultaneously with remaining entitlement.

VA Loan Eligibility

Who Qualifies?

Active Duty: Currently serving with 90+ continuous days of active service.
Veterans: Served 90+ days during wartime or 181+ days during peacetime, with honorable discharge.
National Guard/Reserves: 6+ years of service, or 90+ days of active duty (Title 10).
Surviving Spouses: Un-remarried spouses of veterans who died in service or from service-connected causes.

Obtain your Certificate of Eligibility (COE) through VA.gov, your lender, or by mail using VA Form 26-1880.

VA Loan Types

Program	Purpose	Key Feature
VA Purchase Loan	Buy a home	No down payment required
VA IRRRL (Streamline)	Refinance existing VA loan	No appraisal, minimal paperwork
VA Cash-Out Refinance	Refinance + access equity	Up to 100% of home value
VA Renovation Loan	Buy + renovate	Finance repairs into purchase loan
Native American Direct Loan	Buy on federal trust land	Direct loan from VA (not guaranteed)