VA Loans

Zero down payment. No PMI. No minimum credit score at the VA level. The best mortgage benefit in America.

What Is a VA Loan?

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. It is available to veterans, active-duty service members, National Guard and Reserve members, and eligible surviving spouses. VA loans offer the most favorable terms of any mortgage product: zero down payment, no private mortgage insurance (PMI), and competitive interest rates typically lower than conventional loans.

There is no minimum credit score required by the VA itself, though most lenders set their own overlays between 580 and 620. The VA funding fee (1.25% to 3.3% depending on usage and down payment) can be financed into the loan or waived entirely for veterans with service-connected disabilities.

The real advantage: VA loans have no loan limit for borrowers with full entitlement. If you have full VA entitlement, you can buy a home at any price with zero down. No other loan program offers this.

Who VA Loans Are For

  • Veterans with eligible discharge status
  • Active-duty service members with at least 90 days of continuous service
  • National Guard and Reserve members with 6+ years of service or 90 days of active duty
  • Surviving spouses of veterans who died in service or from service-connected disabilities

Key Features

VA loans allow 100% financing on primary residences with no PMI, no prepayment penalty, and limited closing costs. Sellers can pay up to 4% of the purchase price in concessions. VA loans cover single-family homes, VA-approved condos, and multi-unit properties up to 4 units if you occupy one. Refinance options include the VA IRRRL (streamline) and VA cash-out.

Quick Facts

  • Down Payment 0%
  • PMI None
  • Min Credit Score None (VA level)
  • Loan Terms 15 or 30 yr Fixed
  • Loan Limit None (full elig.)
  • Occupancy Primary Only
  • Funding Fee 1.25 - 3.3%

Best For

  • Veterans
  • Active-duty military
  • National Guard / Reserve
  • Surviving spouses
  • First-time & repeat buyers
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VA loan FAQ

What credit score do I need for a VA loan?

VA itself doesn't set a minimum. Most lenders overlay 620. We work with lenders that go as low as 580 in many cases. The VA guarantee means lenders can be more flexible than on conventional, but they still overlay their own credit minimums.

Can I use my VA benefit more than once?

Yes — the VA benefit is reusable. If you pay off one VA loan and sell the property, your full entitlement restores. If you keep the existing VA loan and want a second one, you typically need remaining entitlement (the cap moved with the county loan limit in 2020). Most veterans have full or substantial entitlement restored now.

Do VA loans require a down payment?

No. Zero down. That's the headline feature. The catch: you're still responsible for closing costs (typically 2-5% of the loan), though sellers are allowed to pay up to 4% toward your closing costs. Many veterans roll the VA funding fee into the loan to bring cash to close to near zero.

Is there a VA funding fee?

Yes. It's 2.15% of the loan for first-time use with 0% down (or 3.3% for subsequent use, and 1.5% / 1.25% for cash-out). It can be rolled into the loan. Veterans with service-connected disabilities (10% or more) are exempt. Purple Heart recipients get a reduced rate on their first VA loan.

What's the difference between a VA IRRRL and a VA cash-out refi?

IRRRL (Interest Rate Reduction Refinance Loan) is the VA streamline — it refinances an existing VA loan, requires no appraisal, no income docs, and a fast close. A VA cash-out refi lets you pull equity out of any home (not just a VA-purchased one) up to 100% of the value. Cash-out requires a full underwriting package, an appraisal, and credit review.

Can I use a VA loan on a condo?

Yes, if the condo project is on the VA's approved list. Not all condos qualify. The VA requires the project to be approved, which is a separate process from the loan itself. We match you to lenders who can help you navigate the condo approval if the project isn't already on the list.

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