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VA Loans

Zero down payment mortgages for eligible veterans and service members

What is a VA Loan?

VA loans are mortgages guaranteed by the Department of Veterans Affairs, designed to help eligible veterans, active-duty service members, and surviving spouses achieve homeownership. These loans offer exceptional benefits including no down payment and no private mortgage insurance.

No Down Payment

100% financing available for eligible borrowers

No PMI Required

No private mortgage insurance regardless of down payment

Competitive Rates

Often lower than conventional mortgage rates

VA Loan Benefits

0%
Down payment required
No
Private mortgage insurance
No
Prepayment penalties
Reusable
Benefit for multiple purchases

Who is Eligible for VA Loans?

Active duty service members
Veterans with qualifying service
National Guard and Reserve members
Surviving spouses of service members
Service members who died in the line of duty

Service Requirements:

  • • 90 consecutive days of active duty during wartime
  • • 181 days of active duty during peacetime
  • • 6 years in National Guard or Reserves
  • • Spouse of service member who died in line of duty or from service-connected disability

VA Loan Options

30-Year Fixed
Rate: 6.25% - 6.75%
Monthly payment on $200K loan: $1,231

Most popular VA option with stable payments

15-Year Fixed
Rate: 5.75% - 6.25%
Monthly payment on $200K loan: $1,664

Faster payoff with significant interest savings

5/1 ARM
Rate: 5.50% - 6.00%
Monthly payment on $200K loan: $1,136

Lower initial rate, adjusts annually after 5 years

VA Loan Requirements

Credit Score
No minimum
Down Payment
0%
Military Service
Required
Funding Fee
0% - 3.6%

VA Funding Fee

Most VA loans require a one-time funding fee that helps keep the program running for future veterans. The fee varies based on loan type, down payment, and whether it's your first VA loan.

First-Time Use
2.15%

No down payment

1.25%

10%+ down payment

Subsequent Use
3.30%

No down payment

1.25%

10%+ down payment

Exemptions
0%

Veterans with service-connected disabilities

Surviving spouses

VA Loan Pros and Cons

Advantages

  • No down payment required
  • No private mortgage insurance (PMI)
  • Competitive interest rates
  • No prepayment penalties
  • Assumable loans
  • Reusable benefit

Considerations

  • Limited to eligible veterans and service members
  • VA funding fee required (unless exempt)
  • Primary residence only
  • Property must meet VA standards
  • Loan limits in high-cost areas