VA Loans
VA loans are made by private lenders and partially guaranteed by the VA. Eligibility is based on service history and is confirmed through a Certificate of Eligibility.
General potential benefits
- No down payment is required in many cases
- No monthly private mortgage insurance requirement
- Reusable benefit for eligible borrowers
General considerations
- A VA funding fee may apply, with exemptions in some circumstances
- Occupancy requirements apply
- Property must meet VA appraisal requirements
Common eligibility factors
- Service history and Certificate of Eligibility
- Residual income and debt-to-income review
- Credit review performed by the lender
- Property type and appraisal
Possible costs
- VA funding fee where applicable
- Standard closing costs
- Prepaid taxes and insurance
Questions to ask a mortgage professional
- How do I obtain my Certificate of Eligibility?
- Would a funding-fee exemption apply to me?
- Which loan programs am I likely to be eligible for, and why?
- What documentation will you need from me, and when?
- How do the estimated closing costs compare between programs?
Readiness checklist
- Locate your DD-214 or service documentation
- Request your Certificate of Eligibility
- Ask whether the professional regularly works with VA loans
Frequently asked questions
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This guide is educational. Eligibility factors described here are common considerations, not universal or guaranteed requirements. Nothing here is a loan offer, an approval, or a rate commitment. A licensed mortgage professional must verify actual terms.