VA Purchase Loans
Use the Benefit You Earnedto Buy Your Next Home.
VA home loans can offer eligible Veterans, active-duty service members, and certain surviving spouses a powerful path to homeownership—including the possibility of no down payment and no monthly mortgage insurance.
VA loans done right.
The Benefit You Earned
Built for Military Families by Veterans
Why VA
A Home Loan BenefitBuilt for Those Who Served.
The VA home loan program was designed to help eligible military borrowers purchase a primary residence with favorable financing terms.
$0 Down Payment
Qualified borrowers can purchase with no down payment when the purchase price doesn't exceed the appraised value.
No Monthly Mortgage Insurance
VA-backed loans don't require monthly mortgage insurance, which can make a meaningful difference in the monthly payment.
Competitive Financing
VA guarantees a portion of the loan, allowing private lenders to offer eligible borrowers competitive terms.
Reusable Benefit
VA home loan eligibility isn't limited to first-time buyers, and the benefit can potentially be used more than once.
VA Eligibility
Do You Qualifyfor a VA Home Loan?
Eligibility begins with your military service and Certificate of Eligibility, but having a COE isn't the same as being approved for a mortgage. You'll also need to meet applicable VA and lender requirements for credit, income, occupancy and the property being financed.
Veterans
Active-Duty Service Members
Eligible National Guard & Reserve Members
Certain Surviving Spouses
Not sure whether you're eligible?
Check My VA EligibilityThe VA Purchase Process
From COEto Closing.
- 1
Check Eligibility
Obtain or review your Certificate of Eligibility.
- 2
Get Pre-Approved
Review income, credit, assets, debts and your home-buying budget.
- 3
Find Your Home
Work with your real estate professional to find the right property.
- 4
Go Under Contract
Your mortgage moves into processing and underwriting.
- 5
VA Appraisal
The lender orders the VA appraisal to establish value and evaluate applicable VA property requirements.
- 6
Final Approval & Closing
Review final loan terms and closing documents and become a homeowner.
VA notes that its appraisal is not the same thing as a home inspection. See the FAQ below for that distinction.
Your VA Loan
There's More to the LoanThan the Interest Rate.
Purchase Price & Appraisal
The contract price and the appraised value both shape the loan amount and any cash needed at closing.
Credit & Income
Applicable VA and lender credit, income, and residual income standards affect qualification and terms.
VA Entitlement
Available entitlement can affect the loan amount, the funding fee, and whether a down payment is required.
Rate, Fees & Closing Costs
Discount points, lender fees, credits, and third-party costs all change what the loan actually costs you.
Two VA loans with the same interest rate can have very different costs. Look at the entire loan—not just the advertised rate.
Get a Second OpinionVA Purchase FAQ
VA PurchaseQuestions.
Do VA loans require a down payment?+
Often, no. Eligible borrowers with available entitlement may be able to purchase with no down payment when the purchase price doesn't exceed the appraised value. A down payment may still be required in some situations, such as when entitlement is limited or the price exceeds the appraised value.
Is there a VA loan limit?+
Borrowers with full entitlement generally aren't subject to VA loan limits on the amount VA will guarantee, though the borrower must still qualify and the appraisal must support the transaction. Loan limits can still apply when entitlement has been partially used and not restored.
Can I use my VA benefit more than once?+
Yes. The VA home loan benefit isn't limited to first-time buyers. Entitlement may be restored after a prior VA loan is paid off, and in some cases remaining entitlement can be used for another VA-financed home.
Can I have more than one VA loan?+
It's possible in certain circumstances when remaining entitlement is available and applicable VA and lender occupancy and qualification requirements are met. Whether it works depends on your individual situation.
What is the VA funding fee?+
The VA funding fee is a one-time fee paid to VA on most VA-backed loans. The amount depends on the loan type, the down payment, and whether the benefit has been used before. Certain borrowers are exempt. The fee may be financed into the loan.
Is a VA appraisal the same as a home inspection?+
No. VA is clear that the appraisal is not a home inspection. The appraisal establishes value and reviews applicable VA property requirements; it isn't a detailed evaluation of the home's condition. A separate home inspection is a buyer's decision and is generally recommended.
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Related Pages
Put Your VA Benefitto Work.
Whether you're ready to make an offer or just trying to understand what you can afford, we'll help you determine the next step. Military Mortgage — Military Serving Military.