Government-backed · Purchase & refinance
VA home loans
- 0% down with no loan limit
- No monthly mortgage insurance
- Rates often below conventional
What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible service members, veterans, and surviving spouses. It requires no down payment and no monthly mortgage insurance, and it typically carries lower rates than conventional loans. A one-time funding fee applies unless you are exempt.
Use it to buy
- 0% down on any price with full entitlement
- No monthly mortgage insurance, ever
- Buy up to 4 units if you live in one
The catch: A one-time funding fee of 2.15% applies on first use unless you’re exempt.
Use it to refinance
- VA IRRRL: usually no appraisal or income docs
- Reduced 0.5% funding fee on an IRRRL
- VA cash-out up to 80% of your home’s value
The catch: An IRRRL requires an existing VA loan and 210 days since your first payment.
Ways to set it up
Choose these when you lock your rate. You’ll see the cost of each option in dollars.
What you need to qualify
| Requirement | Guideline | Notes |
|---|---|---|
| Eligibility | Certificate of Eligibility (COE) | 90 days active wartime, 181 days peacetime, 6 years Guard/Reserve, or surviving spouse |
| Minimum credit score | No VA minimum · 580–620 typical | Set by the lender, not the VA |
| Down payment | 0% | No loan limit for borrowers with full entitlement |
| Debt-to-income (DTI) | 41% guideline | Higher allowed when residual income exceeds VA requirements |
| Funding fee | 2.15% first use · 3.3% subsequent | Waived for veterans with a service-connected disability rating |
| Occupancy | Primary residence | Must move in within 60 days; up to 4 units |
Check the basics
A quick starting point, not an approval. Three questions, no credit check. Your full application confirms income, assets, and more.
Answer the questions to see your result.
An estimate based on typical guidelines. Not a pre-approval or commitment to lend.
Pros and cons
Pros
- No down payment and no loan limit with full entitlement
- No monthly mortgage insurance
- Rates often below conventional
- Easy streamline refinance later (IRRRL)
Cons
- Funding fee of 2.15% or more unless exempt
- Primary residence only
- VA appraisal can flag repairs sellers must fix
Common questions
Who is eligible for a VA loan?
Veterans, active-duty service members, National Guard and Reserve members meeting service minimums, and certain surviving spouses. Eligibility is confirmed with a Certificate of Eligibility.
Do VA loans require a down payment?
No. Eligible borrowers with full entitlement can finance 100% of the purchase price with no loan limit.
Is there mortgage insurance on a VA loan?
No. VA loans have no monthly mortgage insurance. Instead, most borrowers pay a one-time funding fee that can be financed into the loan.
What is the VA funding fee?
A one-time fee of 2.15% for first use with zero down and 3.3% for subsequent use. Putting 5% or 10% down lowers it, and veterans with a service-connected disability are exempt.
What credit score is needed for a VA loan?
The VA sets no minimum. Most lenders require 580 to 620.
Can I use a VA loan more than once?
Yes. Entitlement is restored when you sell and pay off the prior VA loan, and you may hold two VA loans at once with remaining entitlement.
What is a VA IRRRL?
The Interest Rate Reduction Refinance Loan is a streamlined VA-to-VA refinance that usually needs no appraisal or income documentation and carries a reduced 0.5% funding fee.
Can I buy a multi-unit property with a VA loan?
Yes, up to four units as long as you occupy one as your primary residence.
Are VA rates lower than conventional?
Typically yes. Because the VA guaranty reduces lender risk, VA rates are often 0.25% to 0.5% lower than comparable conventional loans.
Keep exploring
See what a VA loan costs for you.
Enter a few details to see your rate, points, and monthly payment. No credit check. No phone number.
Disclosures
- Lendid Direct is not affiliated with or endorsed by the U.S. Department of Veterans Affairs or any government agency.
- Funding fee amounts follow the current VA schedule. Exemptions are confirmed with your Certificate of Eligibility.
- VA IRRRL eligibility requires an existing VA-guaranteed loan and a net tangible benefit.
- Rates, terms, and programs are subject to change without notice and to credit and property approval. Not all applicants will qualify.
- Lendid Loans, LLC is a licensed mortgage broker in Texas, Florida, Colorado, and Oklahoma. All loans originated through Lendid Direct are brokered by Lendid Loans, LLC. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. All loans subject to credit approval. NMLS# 1470572.
- Equal Housing Opportunity.