VA Home Loans
Why Veterans Choose VA Loans
Powerful home financing advantages for those who served.
Use More than Once
Use your VA loan benefit multiple times or even when refinancing an existing VA loan.
No Monthly Mortgage Insurance*
Save money every month with no required Private Mortgage Insurance.
Lower Closing Costs
The VA limits the closing costs lenders can charge to VA loan applicants.
No Down Payment
With no down payment required, your money goes even further.
*VA loans require a VA funding fee that may be financed into the loan or paid out of pocket at closing.
VA Purchase vs. VA Refinance
Whether you’re purchasing a home, or refinancing, VA loans offer flexible options.
VA Purchase Loan
Purchase with $0 down.
Primary Residence
Must occupy as your primary residence.
Competitive Terms
Strong benefits.
VA Streamline
Interest Rate Reduction Refinance Loan (IRRRL)
VA Cash-Out Refinance
Access your equity as cash.
Flexible Options
Refinance with minimal documentation.
How a VA Loan Works
Down Payment
For qualified borrowers, finance up to 100% of home value.
Mortgage Insurance
No Private Mortgage Insurance (PMI) required.*
Interest Rates
Competitive terms and interest rates.
Funding Fee
May be financed or waived if exempt.
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Frequently Asked Questions
Who is eligible for a VA loan?
Most members of the regular military, veterans, reservists and National Guard may be eligible to apply for a VA loan. Additionally, spouses of military members who died while on active duty or as the result of a service-connected disability may also apply.
A loanDepot loan consultant and the VA Eligibility Center can provide more information for your specific eligibility. After you establish eligibility, you will need to apply for a Certificate of Eligibility (COE) through the U.S. Department of Veterans Affairs website.
What is the difference between a VA loan and a conventional loan?
Like conventional loans, VA loans are issued by private lenders, but they’re insured by the government. VA loans could be a better option than conventional or FHA mortgages for eligible Veterans, active military and reservists who have earned access to this benefit through their service to our country. These government-backed loans come with significant benefits that help Veterans purchase with zero down payment and competitive VA mortgage rates.
Conventional loans feature no government guarantees and adhere to the standards and requirements of government-sponsored enterprises Fannie Mae and Freddie Mac. Unlike the no down payment feature of the VA loan, these enterprises require conventional borrowers to put at least 3 percent down toward the purchase of the new home. Additionally, conventional loans with a down payment of less than 20 percent require private mortgage insurance that the borrower must purchase, which the VA loan requirements do not impose. VA loans do require a VA funding fee that may be financed into the loan or paid out of pocket at closing.
What are eligible property types for VA loans?
As with other government-insured home loans, the VA has specific property requirements. VA home loans can be used for:
- 1-4 unit residential homes
- VA-approved condominiums
- Construction of a new or existing home
- Manufactured homes
It’s important to note that eligible borrowers may only use VA loans for their primary residence. You cannot finance an investment property or vacation home with a VA loan.
What are some other types of VA loans?
Eligible Veterans and service members can also explore these VA loan options:
- VA cash-out refinance: If you are looking to pay off credit cards, consolidate debt, finance home improvements or pay off personal expenses, a VA cash-out refinance may be an excellent option.
- VA renovation loan: Use your VA benefits to roll the cost of your home renovations into your VA mortgage all in one loan.
- Interest Rate Reduction Refinance Loan (IRRRL): The Interest Rate Reduction Refinance loan enables existing VA loan holders the opportunity to get a lower interest rate. If you select this loan, you will refinance your current VA loan into another VA loan.
By refinancing the existing loan, the total finance charges may be higher over the life of the loan.
loanDepot.com, LLC is not acting on behalf of or at the direction of the U.S. Dept. of Veterans Affairs, the U.S military or the federal government.