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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
Veterans Affairs, or VA, home loans are government-backed mortgages with unique benefits for servicemembers, veterans and some spouses—making homeownership more accessible and affordable for eligible borrowers.
Thank you for serving
Loans are available to veterans, servicemembers and some spouses.
Get 100% financing
Your VA loanD may cover up to 100% of the home price.
Choose your terms
Select from a variety of VA mortgage term options.
Depending on the lender, there may be no down payment required.
Private mortgage insurance, or PMI, is not required for VA loans.
VA loans can be used to finance up to 100% of the purchase price of a home.
Great interest rates and limited closing costs are typically offered on VA loans.
Create an account in our online application platform. Here's what you'll need to apply for a VA home loan.
Ready to apply for a VA loan? This is where your journey begins.
Contact a VA mortgage loan advisor to have your readiness assessed and discuss terms, pricing, options and payments. We can help you find a mortgage banker.
Apply for a VA mortgage loan online and submit any supporting documentation that will be used to process your application.
Underwriting will process your VA home loan application and review your documentation. Provide answers to questions and additional documentation as requested.
You'll receive your closing date and meet with your lender and closing attorney to secure your new VA mortgage.
A VA loan is a special type of mortgage backed by the US Department of Veterans Affairs, or VA. It's designed to help service members and veterans purchase a primary residence, offering several unique benefits that make homeownership more attainable and affordable for those who qualify.
VA loans can offer a number of advantages compared to conventional mortgage loans. Depending on the lender, there may be no down payment required. There's also no private mortgage insurance, or PMI, requirement for VA loans. Typically, VA loans offer great interest rates and limited closing costs, saving borrowers thousands of dollars over the life of the loan.
To qualify for the VA home loan program, you'll need to work with your lender to get a Certificate of Eligibility, or COE. Typically, this means you or your spouse meet one of the following VA home loan requirements:
You may also need to satisfy a lender's income, debt and credit requirements to qualify for VA home loan eligibility.
No. Although a Veterans Affairs home loan must be used to purchase a primary residence, this doesn't mean you have to be a first-time homebuyer. For example, if you've paid off your VA loan and sold the house, you can apply for another VA loan to purchase your next home.
There's no limit on how many times you can use a VA loan. However, you may only have up to two VA loans at one time.
Yes. With a VA loan refinance, you have two refinance options to choose from: interest rate reduction refinancing or cash-out refinancing.
An interest rate reduction refinance loan, or IRRRL, allows you to refinance your VA home loan to a lower interest rate.
Cash-out refinancing allows you to take out a new mortgage for more than the previous loan, use the funds to repay the old loan and receive a cash payment for the remaining funds.
VA loans—like other government-backed loans such as FHA and USDA loans—can't be recast.
The minimum VA home loan term is 10 years, while the maximum term may last up to 30 years.
VA loans vary by state and county. The VA loan amount cannot exceed the amount designated for each county—the conforming loan limit—as set by the Federal Housing Finance Agency, or FHFA. The minimum dollar amount is fixed at $25,000. Find a mortgage banker for more information on VA loan limits.
Normal credit approval applies.
Not applicable in all states.
VA funding fee applies except as may be exempted by VA guidelines. The fee is higher with a zero down payment, and maximum loan limits vary by county. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable. Ask for details about eligibility, documentation and other requirements.
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Customers with account-related questions who aren't enrolled in Digital Banking or who would prefer to talk with someone can call us directly.
If you'd prefer to talk with someone directly, you can call 888-280-2885 or search our local directory to find a mortgage banker near you.
Whether you want to pre-qualify or apply for a home loan, getting started with the process to secure and eventually close on a home loan is as easy as one, two, three. We're here to help you navigate the process. Start with these steps:
Prefer to speak with someone directly about a mortgage loan? Our mortgage bankers are ready to assist with a free, no-obligation loan pre-qualification. Feel free to contact a mortgage banker via one of the following options: