Learn · loan programs
VA loans
Loans for eligible veterans, servicemembers and surviving spouses, often with no down payment.
What it is
VA-backed loans are made by private lenders and partly guaranteed by the U.S. Department of Veterans Affairs. You’ll need a Certificate of Eligibility (COE).
Who it fits
- Eligible veterans, servicemembers and surviving spouses
- Buyers who want to keep cash on hand
- Buyers of a home they’ll live in
How it works
- VA doesn’t require a down payment as long as the price isn’t higher than the appraised value. Lenders may still require one for some borrowers.
- There’s no private mortgage insurance or monthly MIP.
- Most borrowers pay a one-time VA funding fee: on a first-use purchase it’s 2.15% with less than 5% down, 1.5% with 5% or more, and 1.25% with 10% or more. Some veterans and surviving spouses are exempt. It can be financed.
Benefits
- No down payment required by VA
- No monthly mortgage insurance
- A lifetime benefit you can use more than once
Tradeoffs
- The funding fee adds to the loan unless you’re exempt
- Condo projects need VA acceptance
- The home must meet VA’s appraisal standards
Typical documents
- Certificate of Eligibility (I can usually request it for you)
- Pay stubs for the most recent 30 days
- W-2s for the past 2 years
- Federal tax returns for 2 years (many lenders ask)
Your lender may ask for more or less. Full list: 1-page document checklist (PDF).
Common myth: “You can only use your VA benefit once.” Not true: VA says the guaranty is a lifetime benefit you can use multiple times.
Pairing with assistance? See the down payment assistance finder.
Last checked October 17, 2026. Sources: VA, purchase loans · VA, funding fee and closing costs · VA condo report
Availability depends on the lender and program funding; ask me which ones I can use for your loan.
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This page is general education. Call or text and I’ll tell you whether this loan type is something I can help with for your scenario.