Loans Buy a home VA purchase
VA home loans: no down payment, no mortgage insurance
A benefit earned through service. Eligible veterans, service members and surviving spouses can buy with nothing down and no monthly mortgage insurance.
New to this loan? Start here: Why VA loans usually win, and who qualifies Step 1 of 7 on the guided path Using your VA benefit
Why VA usually comes out ahead
If you qualify for a VA loan, it is often the best mortgage available to you. That holds even for buyers who have savings for a down payment. VA loans have no down payment, no monthly mortgage insurance, typically the lowest rates, limited closing costs and flexible qualifying, and together those add up to a lower cost than other loans in most cases.
The benefits continue after closing. There is no prepayment penalty, your entitlement can be used again, and a future buyer can assume your VA loan, which can help when you sell. When we build your Mortgage Plan, your VA option sits beside the others so you can see the difference in dollars.
Many homes in our area are rural, with a well and septic, and some are manufactured homes on permanent foundations. Both work with VA when they meet VA’s property standards, which were simplified for appraisals ordered after May 1, 2026. For a home that needs work, see VA rehab.
The funding fee
| Down payment | First use | Later use |
|---|---|---|
| Less than 5% | 2.15% | 3.3% |
| 5% or more | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
The fee can be added to the loan. If you receive VA disability compensation, you pay nothing, and a later retroactive rating can bring a refund.
The residual income test
VA looks at how much money is left each month after housing and debts, adjusted for family size and region. It is a practical test that can help families with higher ratios but healthy budgets. VA sets no maximum debt-to-income ratio: 41% is the standard, and above it the residual income must be at least 20% over VA's guideline, or the lender's underwriting supervisor must justify the approval in writing.
Calculators and guides
- Mortgage payment calculatorYour full payment for each loan type, and where any payment goes.
- Getting your VA certificate of eligibilityStep by step, with the forms
- Best mortgages for first-time buyers in Southwest ColoradoHow the low-down options compare here
- Same home, four loan typesConventional, FHA, VA and USDA side by side, VA first.
- VA funding feeThe funding fee by down payment and use, and who is exempt.
Common questions
Who is eligible for a VA loan?
Generally, 90 continuous days of active duty for current service members, 24 continuous months (or 90 days of a call-up) for veterans since 1990, or 6 creditable years in the Guard or Reserve. See VA's eligibility rules.
How do I get my Certificate of Eligibility?
We request it for you, usually online from VA. You can also request it on VA.gov or with Form 26-1880. Our step-by-step guide.
Can I use a VA loan more than once?
Yes. Entitlement is restored when a VA loan is paid off, and in some cases you can have two VA loans at once.
Can I pay my buyer's agent?
Yes. Since August 2024 veterans may pay a reasonable buyer-broker fee, though it cannot be financed into the loan.
Is there a minimum credit score?
VA sets no minimum credit score. Lenders can set their own, and they differ, which is where a Mortgage Broker who compares lenders helps.
Is there a maximum debt-to-income ratio?
VA sets no maximum debt-to-income ratio. 41% is VA's standard; above it, the lender looks closely at residual income, the money left each month after the house payment, debts and taxes.