Home / Loan programs / VA
Retail & agencyIf you have VA home-loan eligibility, a VA-backed mortgage is often the lowest-cash way to buy a primary residence: no down payment when entitlement supports it, and no monthly private mortgage insurance.
VA home loans are made by private lenders and guaranteed by the U.S. Department of Veterans Affairs. The guarantee is why many VA files can close with no down payment and without monthly PMI. VA does not usually lend the money itself.
The program dates to the GI Bill era. Eligibility, entitlement, and the funding fee are VA’s rules. We originate the loan; VA.gov is the source for whether you are eligible and what your Certificate of Eligibility (COE) shows.
Start at VA home loans and VA eligibility.
VA is for eligible Veterans, active-duty service members, and in some cases surviving spouses. Service-length rules differ by era and by component (active duty, National Guard, Reserves). We will not reprint a wartime-dates list that goes stale. Check eligibility on VA.gov or let us help pull a COE.
With full entitlement, VA purchase loans commonly close at 100% financing. Partial entitlement (for example if you still have a VA loan, or a prior VA foreclosure) can create a down-payment requirement. The COE and a residual-entitlement calculation decide that — not a slogan.
VA does not charge monthly PMI. Many borrowers do pay a VA funding fee, which can often be financed. Some borrowers are exempt, including many with qualifying disability ratings and some surviving spouses. Funding-fee percentages change. We will not print a table. Use VA.gov and ask us for the current figure that applies to your exemption status and down payment.
Funding fee and exemptions: VA funding fee page.
VA financing is for a home you will occupy. Typical property types include existing single-family homes, new construction, and townhouses. Condos must be on VA’s approved list (or obtain approval). Manufactured homes and lots have extra VA rules. A VA appraisal issues a Notice of Value and checks minimum property requirements: safe, sound, and sanitary.
Entitlement can be reused. If you paid off a prior VA loan and no longer own that home, restoration is commonly available. One-time restoration while you still own the prior home is a narrower VA process. Bring the old HUD-1 or closing disclosure and a payoff letter so VA is not guessing. We will not treat “I had a VA loan in 2012” as automatically available entitlement until the COE says so.
VA is a strong benefit. It is not frictionless. Appraisals and remaining repairs can add time. Some sellers have heard outdated stories about slow VA closings; a complete file closes on a normal timeline. Funding fee (if not exempt) is a real cost even when there is no PMI. Residual income can trip a file that looks fine on DTI alone.
VA works in both states. PHFA and NJHMFA may allow a VA first mortgage on some agency products — confirm on the agency site. Closing customs still follow the state: title company in Pennsylvania, attorney in New Jersey.
Figures that change each year live at the source, not on this page.
Often no, when the COE shows enough available entitlement for the purchase price. Partial entitlement can require a down payment. Confirm with a COE and a loan estimate — not this page.
There is no monthly PMI on a VA loan. A funding fee often applies unless you are exempt. Percentages live on VA.gov and change.
Request a COE on VA.gov or authorize us to retrieve it. Bring discharge documentation if VA asks for it.
VA does not publish a FICO floor the way FHA does. Lenders set overlays. We will tell you the overlay that applies to your file rather than inventing a number here.
Often yes if entitlement is restored or remaining entitlement covers the new loan. Restoration rules depend on whether the prior loan is paid and whether you still own that property. VA decides; we document.
Written by Steve Umansky, Sr. Branch Manager, NMLS #61764. Last reviewed 2026-09-15. Program parameters are subject to change and to the guidelines in effect at application. Not a commitment to lend.
Three quick steps, no Social Security number. A licensed officer confirms whether this program or another one fits your file.
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