VA Loans: Your Homeownership Benefit

VA Home Loan Highlights

• No Down Payment: As long as the home's sale price isn’t higher than its appraised value, you don’t have to make a down payment.
• No Loan Limit: If your entitlement is full, you do not have a loan limit.
• Low Interest Rates: Because they're backed by the Department of Veterans Affairs, VA loans typically have lower interest rates.
• No Monthly Mortgage Insurance: Unlike other loans, VA loans do not require monthly mortgage insurance (PMI).
• Eligibility: You must be an active-duty service member, veteran, or eligible surviving spouse and obtain a Certificate of Eligibility (COE).

What is a VA Home Loan?

A VA home loan is a government-backed mortgage guaranteed by the Department of Veterans Affairs. Because of this backing, lenders can offer major benefits like no down payment and lower interest rates. While the VA doesn't issue these loans directly, they do set the eligibility criteria and approve private lenders to issue them. It is considered a major benefit of serving in the armed forces.

Required Documents

Common Questions

• What is a Certificate of Eligibility (COE)? A COE is a document that proves your eligibility for a VA home loan. We can help you navigate the process of obtaining one.
• Which service members are eligible? Members of seven uniformed branches—Army, Navy, Air Force, Marines, Coast Guard, NOAA, and Public Health Service—are eligible, along with Reservists and National Guard members.
• Are there benefits for disabled veterans? Yes, disabled veterans may enjoy exemptions from funding fees and have access to additional adaptation grants for their homes.
• What fees are required? While there is no down payment, you may need to pay a VA funding fee (which can often be financed into the loan) and other standard closing costs.