Your Guide to VA Loans: Eligibility, Benefits & Cost

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What Is a VA Loan?

What Is a VA Loan?

A VA mortgage is a home loan program offered by the U.S. Department of Veterans Affairs (VA) to eligible veterans, active-duty service members, surviving spouses, and certain members of the National Guard and Reserves. VA loans have:

No down payment

VA home loans do not require a down payment, which helps ease the entry into homeownership for military families who may not have substantial savings.

Manageable closing costs

The VA limits loan origination fees, seller concessions, and closing costs to help make home ownership even more affordable for eligible individuals and their families.

No Private Mortgage Insurance (PMI) requirements

Although conventional loans with less than a 20% down payment require PMI, VA loans do not. This means more money goes towards the loan principal each month instead of paying for mortgage insurance.

What Can a VA Loan Be Used For?

What Can a VA Loan Be Used For?

Primary residences

Eligible borrowers must use their VA loan for a primary living space. This program cannot be used to finance a second home or investment property.

Refinancing a home

VA loans also offer opportunities for refinancing an existing mortgage with the Interest Rate Reduction Refinance Loan (IRRRL) or a cash-out refinance loan.

Making accessibility adaptations

Borrowers with service-connected disabilities can make accessibility upgrades to their primary home with the VA’s Home Improvements and Structural Alterations (HISA) program.

What Can a VA Loan Be Used For?
FHA Pros

Pros

FHA - Cons

Cons

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VA Loan Alternatives

Is a VA Mortgage the Right Choice?

You belong to a military family

If you’re a veteran, an active-duty service member, an eligible surviving spouse, or a member of the National Guard and Reserves, VA loan benefits may be available to you.

You plan on buying a primary residence

VA loans can only be used to buy or refinance a primary residence that you live in full time. If you want to buy a vacation home or investment property, another loan may be a better fit.

You need flexibility for home repairs or accessibility modifications

The VA offers options like the Home Improvements and Structural Alterations (HISA) program, which helps veterans with service-connected disabilities make their homes more accessible.

How Do I Know If  I Should Get a VA Home Loan?
When Is the Best Time to Use a VA Loan?  

When Is the Best Time to Use a VA Loan?

The best time to use a VA loan is when you’re eligible for the program and are buying or refinancing a primary dwelling. Using a VA loan can be especially advantageous for first-time homebuyers who may not have a large down payment or those who have service-connected disabilities and need to finance accessibility modifications along with the purchase of their home.
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FAQ

How do I apply for a VA loan?
To apply for a VA loan, you must first get a Certificate of Eligibility (COE). Then, you’ll need proof of military service for yourself or your spouse (usually a DD-214 or Statement of Service), proof of income, bank statements, credit history, and other required documentation.
Who qualifies for a VA loan?
You could a candidate for a VA loan if:

Or

Or

Or

What is the VA funding fee and how much will I pay?
The VA funding fee is a single charge that gets paid to the VA when you take out your loan. The amount is based on how much you borrow, if you have a down payment and how much, if you’re a veteran or active-duty service member, and whether it’s your first VA loan.
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