If you’re a veteran or active-duty service member, the VA loan is probably the best mortgage product available. Period.
Why VA Loans Rock
- 0% down — Zero. Nothing. Buy a home with no money down
- No PMI — Unlike conventional and FHA, no monthly mortgage insurance
- Competitive rates — Usually lower than conventional
- Flexible credit — More forgiving than conventional
- Assumable — Transfer the loan to another eligible veteran
- No prepayment penalty — Pay off early, no fees
Who Qualifies?
- Active-duty service members
- Veterans with honorable discharge
- National Guard members (after 6 years)
- Surviving spouses of service members who died in line of duty
Service Requirements
- 90 days of active service during wartime
- 181 days during peacetime
- National Guard: 6 years (or 90 days under Title 32)
The Funding Fee
The VA charges a one-time funding fee (0.5% - 3.6% of loan amount) instead of PMI.
| Down Payment | First-Time Use | Subsequent Use |
|---|---|---|
| 0% | 2.15% | 3.3% |
| 5%+ | 1.5% | 1.5% |
| 10%+ | 1.25% | 1.25% |
This fee can be financed into the loan.
Disabled veterans? Exempt from funding fee.
VA Loan Limits
In most counties, you can borrow up to $726,200 (2024) with no money down. In high-cost areas, limits go higher.
Above those limits, you’ll need to make a down payment.
Refinance Options
- Interest Rate Reduction Refinance Loan (IRRRL) — Streamline refinance, minimal documentation
- Cash-Out Refinance — Tap up to 100% of your equity
The Bottom Line
If you served, VA loans are gold. Zero down, no PMI, great rates. It’s one of the few true benefits of military service — use it.
Veterans: Let’s Get You Home
Whether it’s your first home or you’re looking to refinance, VA loans deserve a look. We’ll walk you through the process.
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