The Benefits of Getting a VA Loan for Your Mortgage

VA Loans assist our nation’s military service members and veterans.

No Down Payment

Qualifying borrowers with sufficient VA entitlement may buy a home with no down payment.

Seller Paid Closing Costs & Concessions

VA loans allow the seller to pay customary closing costs for the buyer as well as up to 4% of the home sales price in concessions.

Competitive Interest Rates

VA loans offer fixed and variable mortgage rates which compare well to other conventional loans.

No monthly mortgage insurance

VA loans do not charge a monthly mortgage insurance premium. Therefore, it is tough to beat a VA loan monthly mortgage payment.

I want to…

Explore VA Loans and Financing

If you’re ready to learn more about VA loans, you’re in the right place! We have a long-standing history of helping our military community finance their dream homes with some of the best loans available. Explore our home loan program, veteran resources, and home loans FAQ to start finding answers to your questions. 

At OVM Financial, your loan officer can explain the VA Funding fee given your loan amount and mortgage down payment. Additionally, we can answer any questions or concerns that you may have about your VA loan eligibility or any of the other products we offer to our clients. Reach out to one of our professionals today.

Video Placeholder

All VA Loan Resources


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.

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.


Interest rates for mortgages are based on a variety of factors. Learn how VA interest rates stack up to other federal loan program options.

Learn More About VA Interest Rates

Costs & Fees

The VA buyer will be responsible for the VA Funding Fee. All VA funding recipients are subject to paying the fee when obtaining a VA loan (and various other federal mortgage program loans). The VA funding fee is somewhere between 1.4 and 2.3% of the total loan amount, depending on your down payment. The higher your down payment is, the lower the VA funding fee. However, you should note that you will not be required to provide the VA funding fee in advance as part of your down payment. The VA funding fee can be rolled into the total loan amount and simply added to the monthly mortgage payment. The amount is usually small enough that you won't think twice about it! Calculate your estimated fee here and learn more here.

We answer the question, does the VA cover closing costs in-depth here, but it's important to note that VA closing costs will likely apply if they are not covered by the seller of the home.

Qualifications & Rules

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.

VA Loan Types

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.

Get a Free VA Loans Guide

Fill out the information below to receive your free E-book about how to qualify for and get a VA home loan.

Topics covered include:

  • VA Loan Benefits
  • Frequently Asked Questions
  • Documents Needed
  • How to Get Started
  • The VA Process
TCPA disclosure

Apply for a Veteran Loan in 15 Minutes

Get your mortgage using our online application. See how it works below.

1. Create an Account

Choose your username and password to begin your loan application.

2. Fill Out Application

Tell us about yourself and your financial situation so we can find loan options.

3. Review & Submit

Double-check the information you’ve entered and make any edits before you submit your application.

4. Upload Documents

Submit documents to help us verify your application. We may request follow-up items as we review your application.

1. Create an Account

Choose your username and password to begin your online loan application.

2. Fill Out Application

Tell us about yourself and your financial situation so we can find loan options.

3. Review & Submit

Double-check the information you’ve entered and make any edits before you submit your loan application.

4. Upload Documents

Submit documents to help us verify your application and eligibility. We may request follow-up items as we review your application.

Talk to a Loan Officer

Get a personalized plan or ask any questions to our dedicated loan officers.