No PMI$0 down paymentFor veterans & Active DutynullVA Loans: Buy a Home with $0 Down
What are VA Loans?
Buying a home after military service should feel like a reward — not a struggle. VA loans make it possible with no down payment, no PMI, and low interest rates for those who’ve served.
Did you know? With a VA loan, you could buy a $280,000 home with $0 down — keeping more cash in your pocket for what matters most.
For veterans and active-duty military
No down payment required
No private mortgage insurance
VA loan limits & how to qualify
With full VA entitlement, there are no loan limits — buy with $0 down, based on what you qualify for.
Have a VA loan already? Limits may apply — starting around $766,550 in most areas and higher in places like California and New York.
To qualify, meet VA service requirements and pass a lender check on credit and income.
To qualify for a VA loan, you'll typically need:
- Proof of eligible military service (via a Certificate of Eligibility)
- A credit score of around 620 or higher
- A steady income and a debt-to-income ratio of 41% or lower
- The home must be your primary residence
- The property must meet VA appraisal and safety standards — and most new homes already qualify.
Not Quite Ready for a VA Loan?
An FHA loan with a low 3.5% down payment could be the perfect alternative to help you step into homeownership. Explore FHA loans
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Benefits and drawbacks of VA loans
- No down payment
- Buy a home with $0 down—no need to save for a big upfront cost.
- No private mortgage insurance (PMI)
- Save monthly with no PMI required, unlike many other loan types.
- Competitive interest rates
- Backed by the VA, rates are often lower than conventional loans.
- Flexible credit requirements
- More forgiving credit standards help more buyers qualify.
- Reusable benefit
- You can use your VA loan benefit again in the future, if eligible.
- VA funding fee
- A one-time fee is typically required, though it can be rolled into the loan and is waived for some.
- Primary residence only
- You must live in the home as your main residence—no second homes or investments.
- Eligibility required
- Only available to qualified veterans, active-duty service members, and some military spouses.
- Appraisal process
- VA appraisals can be stricter, which may delay closing or require additional repairs.
- May be less competitive in some markets
- Some sellers may prefer conventional buyers in hot markets.
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Frequently asked questions
- Who is eligible for a VA loan?VA loans are available to veterans, active-duty service members, certain members of the National Guard and Reserves, and some surviving spouses. Eligibility is based on service history and discharge status.
- Do VA loans require a down payment?
No. One of the biggest benefits of a VA loan is that it typically requires no down payment. Qualified buyers can finance 100% of the home’s purchase price.
- Is mortgage insurance required for a VA loan?
No. VA loans do not require private mortgage insurance (PMI), even with no down payment. This can significantly lower your monthly payment compared to other loan types.
- What is the VA funding fee?
The VA funding fee is a one-time fee that helps offset the cost of the VA loan program. The amount depends on your down payment and whether it’s your first time using a VA loan. It can be rolled into your loan amount. Some borrowers, such as those with service-connected disabilities, may be exempt.
- What’s the minimum credit score for a VA loan?
The VA does not set a minimum credit score, but most lenders require a score of at least 620. Some may approve lower scores with strong compensating factors.
- Can I use a VA loan more than once?
Yes. You can reuse your VA loan benefit multiple times, as long as you meet the eligibility requirements and have remaining entitlement.
- Are there loan limits for VA loans?
As of 2020, there are no loan limits for eligible borrowers with full entitlement. However, your lender may still set limits based on your credit profile and income.
- Can I use a VA loan to buy an investment property?
No. VA loans are intended for primary residences only. You must certify that you plan to occupy the home as your main residence.
- How long does it take to close a VA loan?
Closing times for VA loans are generally 30 to 45 days, similar to other loan types. Delays may depend on appraisal timelines, documentation, and lender efficiency.
- Are there income limits for VA loans?
No. VA loans do not have income limits, but you must meet a lender’s income and debt-to-income requirements to qualify.
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