Overview
The VA loan is the strongest mortgage product in the U.S. for eligible borrowers. Zero down payment, no monthly mortgage insurance, no maximum loan limit for fully-entitled veterans, competitive interest rates, and the ability to use the benefit multiple times throughout your life. There's no other loan with this combination of advantages.
Eligibility is based on service: 90 continuous days of active duty during wartime, 181 continuous days during peacetime, 6 years in the National Guard or Reserves, or unremarried surviving spouse of a veteran who died in service or from service-connected causes. Your Certificate of Eligibility (COE) confirms your benefit. Most veterans can pull this directly through their lender via the VA portal.
The funding fee (1.25%-3.3% of the loan amount, paid once) is the main tradeoff. It's usually financed into the loan and waived entirely for veterans with 10%+ service-connected disability, Purple Heart recipients, and certain surviving spouses. Even when paid, the fee is typically recouped within 1-2 years of monthly savings versus an equivalent conventional loan with PMI.
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Frequently asked questions
Can I use my VA loan multiple times?+
Yes. You can use your VA loan benefit multiple times throughout your life as long as you have remaining entitlement. After selling and paying off a previous VA loan, your full entitlement is restored. Even with an outstanding VA loan, second-tier entitlement may allow another VA purchase.
Do I really get zero down payment?+
Yes. VA loans allow 100% financing with no down payment for fully-entitled veterans, no matter the loan size. The lender approves based on income, credit, and the property's appraised value. You can also choose to put money down if you want — it lowers the funding fee tier.
What is the funding fee?+
The funding fee is a one-time charge (typically 1.25%-3.3% of the loan amount, depending on down payment and whether it's your first VA loan or subsequent use) that goes back to the VA program to keep it self-sustaining. It can be financed into the loan. Disabled veterans with 10%+ service-connected disability, Purple Heart recipients, and certain surviving spouses are exempt.
Can I use VA for an investment property?+
No — VA loans are for primary residences only. However, you can use a VA loan to buy a 2-4 unit property as long as you live in one unit. The other units can be rented out and the rental income can sometimes help you qualify. This is a powerful house-hacking strategy for veterans.