VA Loans for Military and Veterans

VA loans are issued by private lenders, but the VA guarantees a portion of the loan, reducing risk for lenders and allowing them to offer better terms to eligible borrowers.

You can use a VA loan to:

  • Buy a home

  • Refinance an existing mortgage

  • Build or improve a home

VA loans are available in both fixed-rate and adjustable-rate options, typically over 15- or 30-year terms.

Benefits of a VA Loan

No Down Payment Required

Qualified borrowers can buy a home with 0% down, making homeownership possible without waiting years to save.

No Private Mortgage Insurance (PMI)

Unlike conventional or FHA loans, VA loans don’t require PMI, saving you hundreds of dollars each month.

Competitive Interest Rates

VA loans often come with lower average rates than other loan types, thanks to the government guarantee.

Easier Qualification Standards

More flexible credit and income guidelines help veterans and service members qualify, even with less-than-perfect credit.

Reusable Benefit

Once you’ve earned VA loan eligibility, you can use it again—even for another home purchase down the road.

Streamlined Refinancing

Through the VA Interest Rate Reduction Refinance Loan (IRRRL) program, you can easily refinance to a lower rate with minimal paperwork.

Things to Consider

  • Funding Fee: Most VA loans include a one-time funding fee (which can be rolled into the loan), helping sustain the program for future veterans. Some borrowers, such as those with service-connected disabilities, may be exempt.

  • Primary Residence Only: VA loans are limited to homes you plan to live in as your primary residence.

  • Property Requirements: The home must meet VA appraisal and safety standards to qualify.

Is a VA Loan Right for You?

A VA loan could be a great fit if you:

  • Are an eligible veteran, active-duty service member, or surviving spouse

  • Want to buy a home with no down payment

  • Prefer low rates and no mortgage insurance

  • Plan to live in the home as your primary residence