VA loans for veterans and service members
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. The guarantee lets lenders offer terms such as no down payment for eligible borrowers and no monthly mortgage insurance.
Who it's for
- Veterans who meet service requirements
- Active-duty service members
- Eligible National Guard and Reserve members
- Certain surviving spouses
What you'll typically need
- A Certificate of Eligibility (COE)
- Income and credit that meet the lender's guidelines
- A home you will occupy as your primary residence
- A VA appraisal of the property
Guidelines vary by lender and change over time. A licensed loan officer confirms what applies to you.
The good
- No down payment for many eligible borrowers
- No monthly mortgage insurance
- Limits on certain closing costs
Trade-offs to know
- VA funding fee unless exempt
- Primary residence only
- Property must meet VA minimum property requirements
Step by step
- 01Request your COE
- 02Pre-approval
- 03Offer and contract
- 04VA appraisal and underwriting
- 05Closing
Other programs
VA purchase loansVA IRRRL (streamline refinance)VA cash-out refinanceFirst-time buyers
On a real site each program gets its own page like this one.
Talk it through with Casey Marlowe
Questions are free. So is a first look at your numbers.
Check my VA eligibility