VA Loans — For Veterans, Service Members & Eligible Spouses
What it is: A government-backed mortgage with powerful benefits for eligible borrowers.
Best for: Primary-residence purchases or refinances when you have VA eligibility.
Key benefits:
- Often $0 down (subject to entitlement and lender approval)
- No monthly mortgage insurance
- Competitive rates; flexible credit guidelines
- Streamlined refi option (VA IRRRL) for existing VA loans
Eligibility snapshot
Satisfy VA service/entitlement requirements; use for primary residence only; meet lender credit/income standards; VA appraisal/inspection rules apply.
Costs & terms
Standard fixed/ARM options; VA funding fee may apply (often financeable); some exempt (e.g., disability eligibility). Closing costs are still required (seller credits allowed within rules).
Docs you’ll need
COE (Certificate of Eligibility), ID/SSN, income/asset docs, purchase contract, insurance info.
Do we process this loan type ?
Consider:
While VA loans eliminate monthly mortgage insurance and often allow zero down payment, they include a funding fee (unless you’re exempt due to a service-connected disability). This fee helps sustain the VA program and can typically be rolled into the loan amount. VA appraisals can also be stricter than conventional ones — they ensure both fair market value and that the property meets VA’s Minimum Property Requirements (MPRs) for safety, sanitation, and structural soundness. While this protects the borrower, it can sometimes lengthen the process or require repairs before closing.
- Primary residence only
- funding fee (unless exempt)
- VA appraisal standards can be stricter
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