purchase
VA Loans
Home financing for eligible veterans and service members, with no down payment required and no monthly mortgage insurance.
Eligibility
- For eligible veterans, active-duty service members, and certain surviving spouses
- Requires a Certificate of Eligibility from the VA
- For a primary residence you live in
Key benefits
- No down payment required for eligible buyers
- No private mortgage insurance (PMI)
- Competitive interest rates
- No penalty for paying the loan off early
What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. The loan is made by a private lender, and the VA guarantee protects that lender against loss — which is what allows VA loans to offer no down payment and competitive terms. Originating with the GI Bill in 1944, the program was designed to help veterans and their families achieve homeownership, and it remains one of the strongest benefits available to those who served.
Who it's for
VA loans are for eligible veterans, active-duty service members, members of the Reserves and National Guard, and certain surviving spouses. In general, eligibility is based on your period and length of service:
- Wartime or conflict service — typically at least 90 days of active service, without a dishonorable discharge.
- Peacetime service — generally a longer period of continuous active duty, with the exact requirement depending on when you served.
- Surviving spouses — the surviving spouse of a service member who died in service or from a service-connected cause may be eligible, subject to VA rules.
Because the specifics vary, the simplest path is to let us help you confirm eligibility and request your Certificate of Eligibility from the VA.
What you can buy
A VA loan is used to finance a primary residence that you live in. Eligible property types include:
- An existing single-family home
- A townhouse or condominium in a VA-approved project
- A newly constructed residence
- Certain manufactured homes
- Refinances and certain home improvements
What are the benefits?
The VA loan is built around making homeownership accessible and affordable for those who served:
- No down payment — eligible buyers can finance up to 100% of the home's value.
- No private mortgage insurance — VA loans don't carry the monthly PMI that low-down conventional loans require.
- Competitive interest rates — the VA guarantee helps lenders offer strong pricing.
- No prepayment penalty — you can pay the loan down or off early without a fee.
- Often more flexible qualifying — VA guidelines can be more forgiving than conventional financing.
A VA funding fee applies in place of mortgage insurance and can usually be financed into the loan; some buyers, such as those with a service-connected disability, are exempt.
How to apply
You can apply for a VA loan with any lender that participates in the program. Along with the usual application documents, you'll need a Certificate of Eligibility from the VA and proof of your military service. We'll help you gather both and guide you through each step.
A few things to keep in mind
VA loans are a remarkable benefit, but there are practical realities worth knowing. Because the process has its own requirements, some sellers are less familiar with VA financing, and sellers are sometimes asked to cover a portion of closing costs. Going in with an experienced lender and a well-prepared offer keeps those conversations smooth. We do this every day and will help you put your best foot forward.
Frequently asked
- Who is eligible for a VA loan?
- VA loans are available to eligible veterans, active-duty service members, members of the Reserves and National Guard, and certain surviving spouses. Eligibility depends on your length and period of service. We can help you confirm whether you qualify and how to request your Certificate of Eligibility.
- Do I really need no down payment?
- For eligible buyers, a VA loan can finance up to 100% of the home's value, so no down payment is required. There is a VA funding fee, which can often be financed into the loan, and some buyers are exempt from it.
- Can I use a VA loan more than once?
- Often, yes. Your VA eligibility can be reused. If you've paid off a prior VA loan and sold the property, your eligibility can typically be restored, and one-time restorations are sometimes available in other situations. We can help you sort out the details.