What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) for eligible service members, veterans, and certain surviving spouses. VA loans are offered by VA-approved lenders and are widely known for strong benefits for those who qualify.
Key benefits (for eligible borrowers)
- No down payment* in many cases (when eligible and the lender approves).
- No private mortgage insurance (PMI)—there is a VA funding fee (waived for some disabled veterans).
- Competitive rates and flexible guidelines compared with many conventional options.
*100% financing up to the appraised value of the property.
Eligibility basics
Eligibility is based on your military service history (length and type of service) and VA entitlement. If you are not sure whether you qualify, we can help you confirm eligibility and obtain your Certificate of Eligibility (COE).
Common VA loan types
- VA purchase — buy a primary residence with $0* down for many eligible borrowers.
- VA IRRRL — a streamlined refinance option may help reduce rate/payment when you already have a VA loan.
- VA cash-out — refinance** and access equity for qualified borrowers (rules and LTV limits apply).
**Refinancing is not guaranteed and is subject to credit approval. It may result in a higher total cost over the life of the loan, depending on the terms of the new loan.
VA streamline (IRRRL) highlights
- Designed to reduce your interest rate or stabilize your payment in many cases.
- You must certify occupancy requirements and meet lender guidelines (including payment history).
Work with a VA-experienced team
VA loans have unique documentation and underwriting details. We focus on clear communication so you understand your benefits and your loan terms.
Contact us to see what you qualify for
All loans are subject to credit and underwriting approval. Program guidelines, rates, and limits change. This page is for general education and is not a commitment to lend. Ask a licensed loan officer for details that apply to you.