Core VA loan benefits
Eligible borrowers may be able to purchase a primary residence without a required down payment, subject to entitlement, lender and transaction requirements. VA loans also do not use monthly private mortgage insurance in the same way as conventional low-down-payment loans.
- Primary-residence purchase and eligible refinance options
- Flexible down-payment structure for qualified transactions
- No monthly private mortgage insurance
- VA limits on certain borrower-paid costs
- Assumable-loan provisions subject to approval and requirements
Eligibility and entitlement
A Certificate of Eligibility helps document military-service eligibility and available entitlement. The lender still reviews credit, income, debts, residual income, assets and occupancy under VA and lender requirements.
Property and closing considerations
The property must meet VA minimum property requirements and receive an acceptable appraisal. A VA funding fee may apply unless the borrower qualifies for an exemption. Seller concessions, closing costs and repair negotiations must follow applicable rules.
Common questions
Frequently asked questions
Can a VA loan be used more than once?
Many eligible borrowers use the VA benefit more than once. Available entitlement, prior VA loans and restoration rules affect the next transaction.
Do VA loans require mortgage insurance?
VA loans generally do not require monthly private mortgage insurance, although an upfront VA funding fee may apply unless the borrower is exempt.
Can a VA loan finance an investment property?
VA financing is designed for an eligible primary residence. Certain multi-unit properties may qualify when the borrower occupies an eligible unit and all program requirements are met.
Primary sources
Official resources
Program rules and consumer guidance can change. Consult the applicable lender requirements and current official guidance for your situation.