Are you an active-duty service member or veteran planning to purchase a home?
A VA loan is a powerful benefit that eligible service members and veterans can use to achieve homeownership.
Through the Department of Veterans Affairs, eligible service members and veterans have access to specialized programs that make homeownership more attainable, often with little to no down payment. VA loans are available with both fixed-rate and adjustable-rate options to suit different financial goals.
VA loans may allow eligible buyers to finance up to 100% of a home’s purchase price, which can eliminate the need for a down payment. However, borrowers must still meet standard loan qualification requirements, including credit evaluation and proof of ability to repay the mortgage. If your financial profile needs improvement, a lender may recommend reducing existing debt or building savings before approval.
You may also be responsible for certain closing costs, such as title recording fees or legal documentation expenses. In some cases, these costs can be negotiated with the seller, so it’s helpful to discuss them with your realtor before making an offer.
The VA Loan Process
The VA loan process is similar to other home purchases. The buyer submits a written offer outlining key terms such as price, closing cost contributions, and other conditions, followed by a lender’s approval review.
A key distinction with VA loans is that homes must meet minimum safety and livability standards set by the Department of Veterans Affairs. The home will typically undergo inspection and appraisal to confirm it is in good condition and valued appropriately.
If repairs are required, this may extend the closing timeline. Property issues do not necessarily disqualify the loan, but necessary repairs must usually be completed before finalizing the purchase. In some cases, renovation options may be available through specialized VA programs.
How VA Loans Work
Down payments may be as low as 0%
Fixed-rate terms available for 15, 20, 25, or 30 years
5-year adjustable-rate mortgage option
Jumbo VA loan options available
VA Streamline Refinance may offer reduced fees and simpler documentation for eligible veterans
No monthly private mortgage insurance (PMI)
Loans are regulated by the U.S. Department of Veterans Affairs
No prepayment penalties, allowing early loan payoff
Get Your Mortgage Rate Quote
Mortgage rates may vary based on market conditions, borrower qualifications, and property details. Request a customized rate estimate tailored to your scenario.
