← Back to VA home loans
VA loan benefits
VA loan benefits, in plain language.
A VA purchase loan has features that can make buying a home more achievable for eligible veterans, service members and surviving spouses. Here is what they mean and where the details depend on your situation.
No down payment may be required
Many eligible borrowers can buy with no down payment, depending on entitlement, loan amount, and lender guidelines.
No monthly mortgage insurance
VA loans do not carry monthly private mortgage insurance (PMI), which conventional loans often require with less than 20% down.
VA funding fee
Most borrowers pay a one-time VA funding fee, which can often be financed into the loan. Some borrowers, such as many with a service-connected disability, may be exempt.
Flexible credit guidelines
VA guidelines can be more flexible than some other loan types, but lenders still set their own credit and income requirements.
Seller-paid costs
VA rules allow sellers to contribute toward certain closing costs and concessions, subject to limits and negotiation.
Reusable benefit
VA entitlement can often be used more than once, depending on how prior VA loans were repaid or restored.
VA loan benefits and eligibility are subject to entitlement, eligibility, and underwriting. Loan terms, fees and requirements vary by borrower and lender. This page is general information, not a loan offer or approval.
Talk it through with Eileen.
Eileen can review your situation personally and walk you through your VA home loan options. No obligation.