VA Home Loans: The Complete Guide
Everything you need to know about VA loans - from benefits and eligibility to qualification requirements
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VA Loan Overview
A VA loan is a type of home mortgage backed by the U.S. Department of Veterans Affairs (VA) as a benefit for those who have served our country. Unlike conventional loans, VA loans are provided by private lenders but guaranteed by the VA, allowing for more favorable terms and benefits for veterans and military buyers.
Key Points About VA Loans
- The VA guarantees the loan but doesn't directly lend money
- Must be used for your primary residence
- Lifetime benefit that can be used multiple times
Eligibility Requirements
VA loans cover a wide range of military affiliations. You may qualify if you meet any of these service requirements:
For detailed eligibility information, visit the official VA eligibility guidelines
Veterans
- 90 consecutive days during wartime
- 181 days during peacetime
- 24+ months for more recent eras
Active Duty
- Currently serving with 90+ days of service
- Honorable service record
National Guard/Reserve
- 6 years of service in Selected Reserve
- 90 days of active service
Surviving Spouses
- Unremarried spouse of veteran who died in service
- Spouse of MIA/POW service member
Benefits and Features
Financial Benefits
- No down payment required
- No PMI required
- Flexible qualification guidelines
Other Advantages
- Flexible credit requirements
- Limited closing costs
- No prepayment penalties
How to Apply for a VA Loan (Step-by-Step)
- 1
Determine Your Eligibility
Confirm that you meet the service requirements for a VA loan. Most Veterans, active-duty members, and many Guard/Reserve members will qualify.
- 2
Obtain your Certificate of Eligibility (COE)
Get your COE through the VA's eBenefits portal or have your lender pull it instantly through the VA's system.
- 3
Find a VA-Approved Lender
Choose a lender experienced with VA loans who can guide you through the process and help you get pre-approved. PerkMortgage specializes in VA loans – we'd be happy to help you get started with a pre-approval.
- 4
Get Pre-Approved
Provide financial documents to your lender to determine how much you can borrow and get a pre-approval letter.
- 5
Find Your Home
Work with a real estate agent to find a home that meets VA property requirements and your needs.
- 6
Complete VA Appraisal
Once under contract, a VA-approved appraiser will evaluate the home's value and ensure it meets VA property requirements.
- 7
Close on Your Home
Review and sign final paperwork, pay closing costs if applicable, and get your keys!
Common Questions and Misconceptions
Do VA loans really require no down payment?
Yes! For eligible borrowers, VA purchase loans can be financed 100% with $0 down. You'll still need funds for closing costs unless the seller pays them.
What about mortgage insurance?
VA loans don't require monthly PMI. There's only a one-time VA funding fee, which many veterans are exempt from paying.
Can I use a VA loan more than once?
Yes! VA loans are a lifetime benefit you can use multiple times, as long as you restore your entitlement after each use.
Do I need perfect credit?
No. VA loans are more flexible on credit. Many lenders approve VA loans with scores in the 600s.
Can I buy any house with a VA loan?
You can buy most primary residences: single-family homes, condos, townhouses, or multi-unit properties (up to 4 units if you'll live in one). The home must meet VA property requirements.
VA Loan Feature Summary
| VA Loan Feature | Details |
|---|---|
| Down Payment | $0 required (100% financing available) |
| Private Mortgage Insurance (PMI) | None required |
| Interest Rates | Typically lower than conventional rates |
| Credit Requirement | Flexible - no VA minimum score; lenders often ~620 |
| Closing Costs | Limited by VA rules; seller can contribute |
| Prepayment Penalty | None - pay off or refinance anytime without fee |
| VA Funding Fee | One-time fee (can be financed); waived for many |
| Occupancy | Must be primary residence |
| Reuse Benefit | Yes - can reuse multiple times (lifetime benefit) |
| Assumable Loan | Yes, with lender/VA approval |
Ready to Start Your VA Loan Journey?
Our VA loan specialists are ready to help you navigate the process and find the best terms for your situation.
Related Links
Internal Resources
Official Resources
Additional Resources
Internal Resources
Official Resources
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