VA Loans: The Ultimate Guide to Getting a Veteran Home Loan

VA loans have a variety of benefits available. When you get a VA loan, there is no down payment, competitive interest rates, seller-paid closing costs, and NO PMI - and more!

As you can see, a Veterans Affairs (VA) loan has many advantages. If a borrower qualifies, there are very few reasons not to get a VA home loan. You may want to consider a traditional loan rather than a VA loan if you can find better mortgage rates or need to use the loan for a purchase that isn't covered by VA funding. Weigh the pros and cons of a VA loan here.

Start by filling out a Quickstart application. From there, one of our VA loan experts will walk you through the process of getting your loan step by step. To apply for a VA Loan, you will also need to get a Certificate of Eligibility (COE) that states that you are a qualified military veteran.

Great question! Check out our loan comparison breakdown here to see how VA loans compare to conventional loans.

Your loan eligibility is based on your income, debts, and a few other factors. You can use our mortgage calculator to see an estimate on your loan or confirm your estimate by contacting our mortgage lender team.

No, VA loans do not require a down payment. VA loans offer 100% financing for VA-eligible buyers.

No, VA loans do not cover closing costs. However, VA loan guidelines offer buyers a great deal of flexibility for sellers to cover closing costs on behalf of the military service member or Veteran (up to 4% of your loan amount). Down payment assistance can also help home buyers cover this expense if the sellers do not cover closing costs. Check with your loan officer to see if you qualify for down payment assistance.

If you are not a current or former US military member or one’s spouse, you cannot obtain a VA loan. If you are not a veteran, our loan officers will be happy to assist you with other opportunities, such as a Federal Housing Administration (FHA) loan. That said, if you are a current or former service member, you must meet one of the following requirements:

• You served ninety consecutive days of active service during wartime.
• You served 181 days of active service during peacetime.
• You have six years of service in the National Guard or Reserves.
• You are the spouse of a service member who died in the line of duty or from a service-related disability.

It’s easy to find out your eligibility for a VA loan. Check out this blog post to determine the loan qualifications and contact our lenders to get a solid confirmation.

It depends. VA loans do not require a minimum credit score for the first loan. Learn more about credit score requirements for loans here.

Excellent question. Check out our VA loans 101 blog for a list of requirements. You will learn not only the requirements for a loan but also the process to get a veteran loan for your home.

As of 2019, VA loan limits do not exist unless this is a second-use purchase. If this is a second home purchase, a loan limit may apply to your VA funding. Contact our team of loan officers to learn more about a potential loan limit.

VA loans can be used more than once. But if you continue to get loans more than once loan limits may apply. More details on the mechanics of additional loans can be found here.

There’s no max amount for VA loans! VA loan limits no longer exist unless you are using your VA loan for a second time.

Yes, you can use rental income earnings to qualify for a VA Loan. Check out this post for specific guidelines regarding VA rental income. 

VA loans have above-average flexibility on credit score, but there are still certain minimum standards that you have to meet to get a loan. Read more about credit score requirements here. If your credit isn't perfect, we can help put together a plan to raise your credit score so that you can qualify for and get the loan you need to purchase your dream home!

VA loan underwriters are using this calculation to determine your ability to make your VA loan monthly payment and other mortgage expenses. If you want to calculate your potential mortgage payment and rates, you can use our loan calculator.

Learn More About VA Eligibility

Are VA loans assumable? Yes, VA loans are assumable, but there are a number of requirements you’ll need to meet in order to move forward with VA loan assumption. Learn more about how loans are assumable here.

You could be eligible for a VA loan only two years after a Chapter 7 bankruptcy and one year following a Chapter 13 bankruptcy—a short waiting period compared to conventional loans, which may require four to seven years. Learn more about how bankruptcy impacts VA loans here.

No, you may only use VA loans to purchase property that you intend to make your primary residence. According to the federal government, you must occupy the property within sixty days of loan closing and live there for a minimum of one year. After that, you must reside there for the majority of the year.

You may not use a VA loan for purchasing a home you intend to rent out as a landlord or are purchasing simply to sell it later for a higher price. In addition, even if you will be living there on a part-time basis, such as a home purchased as a weekend or summer home, if it is not your primary residence, you cannot buy the house with a VA loan. Before you are granted VA funding, lenders will verify that the home will be your primary residence.

Yes, you can buy a duplex with a VA loan if you plan to use one of the units as your primary residence. This is a fantastic way to begin investing in real estate. Learn more about buying a duplex with a VA loan.

Yes, you can use a VA loan to purchase a multi-family home if you intend to live in one of the units and rent out the others. The property cannot be more than 4 units and must not be used for commercial purposes. Read up on the guidelines for getting a multi-family property with a VA loan here.

No, the children of military veterans would not be eligible for VA loan benefits. VA loans are reserved for active-duty military, veterans, and surviving spouses. However, there are several options if you’re looking for a mortgage option that would make it easier to buy a home with a low down payment or no down payment at all.

One of the most common questions VA loan officers hear is, “Can I get a VA loan with my girlfriend (or boyfriend)?” And the unsatisfying answer is “it depends.” Discover a few options for unmarried couples who want to use the VA loan program here.

The opportunity to refinance a current loan, such as a home equity loan, into a VA loan or to refinance your current VA loan to obtain a lower interest rate. Refinancing your loan can potentially get you lower mortgage interest rates and help you pay your loan back sooner.

Learn More About VA Refinance Loans

A VA loan can be used to finance building a new home. A VA Builder ID is required to get this type of VA home loan.

Learn More About VA Construction Loans

The perfect loan for a VA buyer who wants to include renovation costs into their loan amount and payment. Learn more about VA renovation loans here.

VA IRRRL is a streamlined refinance program for existing VA borrowers. IRRRL stands for interest rate reduction refinancing loan and has several huge benefits for Veterans. The VA IRRRL can potentially lower your actual monthly payment rates and improve your mortgage payment.

Learn More About a VA Streamline IRRRL

Manufactured homes are a type of prefabricated home. A real estate business constructs the home in factories and then transports it to a lot for a permanent residence. VA offers a specific mortgage option for this home type. Learn more about this loan product here.