Buy Your Dream Home With Zero Down Payment and No Mortgage Insurance
A VA purchase loan helps you buy a home with favorable terms that most other loan programs can't match. You can purchase a home with zero down payment and no private mortgage insurance—meaning more money stays in your pocket every month.
Nearly 90% of VA-backed loans are made with no down payment requirement. You can use your VA loan benefit to purchase single-family homes, condominiums, townhouses, or newly constructed homes.
Buy a home without saving for a down payment. VA doesn't require one, and lenders typically follow VA guidelines.
Skip PMI entirely. This saves hundreds per month compared to conventional loans. That's thousands of dollars saved annually.
VA loans typically offer rates about 0.25% lower than conventional loans. The VA backing reduces lender risk, which saves you money.
The VA doesn't require a minimum credit score. Your lender may set their own requirements, but you have flexibility.
Use your VA loan benefit multiple times. Pay off one home, restore your entitlement, and buy again whenever you want.
Lenders work with borrowers across a wide credit range. Past financial challenges like bankruptcy or foreclosure don't automatically disqualify you.
To qualify for a VA purchase loan, you need to meet the VA's eligibility requirements and your lender's standards.
You must qualify for a VA-backed home loan COE based on your military service. We can retrieve this electronically in most cases.
You must meet your lender's credit requirements. While the VA doesn't set a minimum credit score, most lenders require 580-620+.
You must meet your lender's income requirements and show the ability to pay the monthly mortgage payment. There's no income limit.
You must intend to live in the home you're purchasing. This is a primary residence requirement for VA purchase loans.
VA purchase loans are flexible and let you buy various property types:
Your VA loan entitlement is the amount the VA will guarantee in case you default. Each veteran has a guaranty entitlement with a minimum of $36,000 and a maximum of 25% of the county loan limit. The VA guaranty effectively reduces your loan-to-value ratio to 75%, making lenders more comfortable lending to you without a down payment.
The VA Funding Fee is a one-time cost that helps sustain the VA loan program. It can be financed into your loan, so you don't pay out of pocket at closing.
| Down Payment | First-Time Use | Subsequent Use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% or more | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
Here's what you'd pay based on loan amount (zero down payment example):
| Home Price | Loan Amount | First-Time Fee (2.15%) | Subsequent Fee (3.3%) |
|---|---|---|---|
| $200,000 | $200,000 | $4,300 | $6,600 |
| $350,000 | $350,000 | $7,525 | $11,550 |
| $500,000 | $500,000 | $10,750 | $16,500 |
You're exempt from paying the VA funding fee if:
Nearly all veterans finance the funding fee into their loan. This means you add it to your loan amount and pay it over 30 years. This is almost always better than paying thousands out of pocket at closing.
Here's what to expect when using your VA purchase loan benefit:
Request your COE through VA.gov, your lender, or by mail. We can usually pull it electronically in minutes. This proves to sellers and lenders that you qualify for the VA benefit.
Talk to a lender about how much you can borrow. We'll review your income, credit, and debts. Pre-approval helps sellers take your offer seriously.
Work with a real estate agent to find the right property. VA purchase loans can be used on most residential properties across the U.S.
Submit an offer on your chosen property. Include your pre-approval letter to show the seller you're a qualified buyer.
The VA will order an appraisal to determine the home's value. You should also get a home inspection to identify any issues.
The lender reviews all documents and performs final underwriting. You'll sign closing documents and receive your keys!
Start your VA home buying journey today. We'll help you understand what you qualify for and get you pre-approved to make an offer with confidence.
Start Your Application →