VA Loans: No Down Payment, No PMI—Affordable Homeownership for Veterans!
Program Summary
VA loans are designed to help veterans, active-duty service members, and surviving spouses achieve the dream of homeownership. With no down payment, no private mortgage insurance (PMI), and competitive interest rates, VA loans are one of the most affordable ways to buy a home. They also offer flexible qualification guidelines, making them accessible even for borrowers with less-than-perfect credit histories. Whether you’re buying your first home or upgrading to your next one, VA loans are built to help you succeed.
Key Benefits
- No down payment required: Keep your savings in your pocket while securing your dream home.
- No PMI: Save hundreds on monthly payments by avoiding private mortgage insurance.
- Flexible credit requirements: Qualify even if your credit score isn’t perfect, with many lenders accepting scores as low as 580.
- Low interest rates: Designed exclusively for veterans to make monthly payments more affordable.
- Streamlined refinancing options: VA loans make it easy to refinance with the VA IRRRL program, lowering your interest rate quickly and cost-effectively.
Program Details
- Credit Requirements: Most lenders require a minimum credit score of 580-620, but some may allow lower scores with compensating factors.
- Income Requirements: Must meet VA residual income guidelines, which vary based on family size and geographic region, ensuring you have enough left over for living expenses.
- Loan Limits: No official loan limits with full entitlement, giving you more purchasing power. Partial entitlement may have restrictions based on county loan limits.
- Eligibility: Available to veterans, active-duty service members, National Guard/Reserves, and eligible surviving spouses with a Certificate of Eligibility (COE).
- Funding Fee: A one-time fee applies (waived for those receiving VA disability benefits), with the fee ranging from 1.25% to 3.6% based on loan usage and down payment.
Who Is This Program Best For?
- Veterans or active-duty service members looking for affordable homeownership with little upfront cost.
- Borrowers with little to no savings for a down payment.
- Buyers who want to avoid PMI and reduce monthly payments.
- Homeowners seeking to refinance to a lower interest rate or access their equity with a VA cash-out refinance.
Helpful VA Loan Resources
Learn about VA home loan benefits, eligibility requirements, and how the program helps Veterans and active-duty service members achieve homeownership.
Check Your VA Loan Eligibility
Find out if you qualify for a VA loan and learn how to request your Certificate of Eligibility (COE), a key step in the loan application process.
VA Loan Funding Fee Details
Understand the VA loan funding fee, who is exempt, and how it impacts your loan costs.
Apply for Your Certificate of Eligibility (COE)
Access instructions for applying for your COE online, through your lender, or by mail to confirm your eligibility for VA loans.
VA Loan Limits by County
Check the loan limits in your area and understand how they apply if you’re purchasing a high-value property.
VA Cash-Out Refinance Information
Learn about the VA cash-out refinance program, which allows you to access your home equity or refinance a non-VA loan into a VA loan.
Next Steps
Start your homeownership journey today! Contact us now or apply online to explore your VA loan options. Our experts will guide you through every step of the process.