VA Loans
An earned benefit for Veterans, active duty service members, and qualifying spouses.
VA loans are guaranteed by the U.S. Department of Veterans Affairs. For eligible borrowers they are frequently the strongest financing available: no down payment, no monthly mortgage insurance, and competitive rates.
Eligibility is established with a Certificate of Eligibility (COE), which we can help you request as part of your application.
The VA funding fee
In place of monthly mortgage insurance, VA charges a one-time funding fee that can be financed into the loan. The amount depends on your down payment and whether you have used the benefit before. Veterans receiving service-connected disability compensation are generally exempt.
Using the benefit more than once
VA entitlement can be restored and, in some cases, used for more than one property at a time. If you already own a home financed with a VA loan, we will review your remaining entitlement before you shop.
- VA appraisal includes minimum property requirements
- Certain closing costs cannot be charged to the Veteran
- Interest Rate Reduction Refinance Loans (IRRRL) offer a streamlined refinance path
What VA financing costs
With no down payment and no monthly mortgage insurance, your cash to close is usually limited to the funding fee (typically financed), prepaid taxes and insurance, and allowable closing costs. VA also caps certain fees and prohibits others from being charged to the Veteran.
- Funding fee generally ranges from about 1.25% to 3.3% depending on use and down payment
- Sellers may contribute toward closing costs and concessions
- Exempt Veterans pay no funding fee at all
Documents to gather
Most VA files need only a few items beyond a standard application.
- Certificate of Eligibility, or DD-214 / Statement of Service
- Pay stubs, W-2s, and Leave and Earnings Statement if active duty
- VA disability award letter if you are claiming a funding fee exemption
Advantages
- No down payment for eligible borrowers
- No monthly mortgage insurance
- Competitive rates and limits on certain fees
- Streamlined refinance options later
Things to consider
- Funding fee applies unless exempt
- Primary residence occupancy is required
- Appraisal must meet VA property standards
Common questions
How do I get a Certificate of Eligibility?
Most COEs can be pulled electronically during your application. If additional service documentation is needed, we will tell you exactly what to send.
Can I use a VA loan for a multi-unit property?
Yes, up to four units, as long as you occupy one of them as your primary residence.
Is there a VA loan limit?
Veterans with full entitlement have no loan limit. If you have an active VA loan or a prior claim, remaining entitlement may cap the no-down-payment amount.
Can I refinance my VA loan later?
Yes. An IRRRL streamlines a rate-and-term refinance with reduced documentation, and a VA cash-out refinance is available if you need to access equity.
Program disclaimers
- * Higher interest rates apply
- ** For a 30-year, fixed-rate loan
- Program details are informational only and are not an offer for extension of credit or a commitment to lend. Terms are subject to change without notice.
Ready to explore VA financing?
Start a conversation with a licensed loan officer, or begin your application whenever you're ready.