All loan programs
Quick answer
- Who it may fit
- Active-duty service members and veterans with entitlement available
- Down payment
- Cash to close depends on the program, the property and your file — we quote your scenario before you apply.
- Main benefit
- No monthly mortgage insurance requirement
- Main tradeoff
- A VA funding fee usually applies, though exemptions exist for certain borrowers
VA loans are guaranteed by the Department of Veterans Affairs for eligible service members, veterans and certain surviving spouses. The guaranty allows lenders to offer terms that are difficult to find elsewhere. We treat a VA file as its own discipline, because the details matter.
- Active-duty service members and veterans with entitlement available
- Certain surviving spouses who meet VA eligibility rules
- Eligible borrowers who want to keep more cash on hand at closing
- No monthly mortgage insurance requirement
- Down-payment requirements are typically lower than comparable programs, and may not apply at all
- Interest-rate reduction refinance options may be available to existing VA borrowers
- Entitlement can often be restored and reused
- A VA funding fee usually applies, though exemptions exist for certain borrowers
- Occupancy requirements apply — the program is not for investment property
- The property must satisfy VA appraisal and condition requirements
- Available entitlement affects loan sizing on some files
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- A valid Certificate of Eligibility
- Service requirements as defined by the VA
- Credit, income and residual-income review
- Owner-occupancy of the subject property
- An eligible property meeting VA appraisal standards
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.