Learn more about a U.S. Department of Veterans Affairs home loan in our FAQ section. Still have questions? Contact our team using the form below.
What is a VA home loan?
A VA loan is a government-backed mortgage loan. This type of mortgage is available to Veterans, active service members, and surviving spouses.
Is there a down payment requirement?
Some lenders may require a down payment with a VA home loan, but the Veterans’ Administration does not require a down payment.
Do VA loans require Private Mortgage Insurance (PMI)?
There is no PMI requirement for VA loans.
How many times can I use a VA loan?
The VA home loan is a lifetime benefit, so you can have multiple VA home loans over time. However, VA home loans must only be used for primary residences.
What is the VA funding fee?
While VA loans don’t have down payment requirements, they do have a funding fee–a one-time fee paid to the Department of Veterans Affairs. This funding fee can vary depending on your current status, your discharge, and other service details, and in some cases, you may be exempt. The funding fee can also change by legislative action in Congress. You can potentially finance your funding fee by rolling it into your mortgage. We walk you through the funding fee as part of the loan process, so you know exactly what you will pay.
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The interest rate displayed is for informational purposes only, and is subject to change without notice. APR is the Annual Percentage Rate based on excellent credit (740+). Your actual rate may vary based on your factors.
The rates provided assume the purpose of the loan is to purchase a property, with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in zip code 78732. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 740.
A mortgage of $125,000 for 30 years at 3.87% APR requires a P&I payment of $587.80 per month. Taxes and insurance for escrow payment are not included; your actual payment obligation will be higher. Assumes closing costs paid out of pocket and tax and insurance escrow account created. All rates and programs subject to loan underwriting and approval and may be subject to change depending on individual credit profile and other qualifications
¹Borrowers who qualify for a loan through the U.S. Department of Veterans Affairs programs will not be required to put money down as long as the sales price is not higher than the appraisal price.