VA loans are available to veterans, active-duty military personnel, reservists, National Guard members, and eligible surviving spouses. These loans offer significant benefits, including no down payment requirements, competitive terms, and no private mortgage insurance. Check eligibility details on the VA’s official site or explore our VA loan programs.
There is no set limit to how much you can borrow with a VA loan; however, the amount you can finance without a down payment typically aligns with the standard conforming loan limit ($726,200 as of 2023). Borrowing above this amount usually requires a modest down payment. Learn more about limits at VA loan limits or our mortgage basics.
No, VA loans do not require private mortgage insurance (PMI), significantly lowering monthly payments compared to conventional or FHA loans. See how this compares in our PMI guide or HUD’s insurance overview.
Yes, the VA Interest Rate Reduction Refinance Loan (IRRRL), also called the VA streamline refinance, is designed specifically to help borrowers refinance quickly, often with reduced paperwork, no appraisal, and minimal closing costs. Visit the VA IRRRL page or our refinance guide for details.
Yes, VA renovation loans let you finance both the purchase of a home and necessary improvements into a single loan. This can simplify the home-buying and renovation process considerably. Learn more from the VA purchase loan page or our construction FAQ.
The VA Funding Fee is a one-time fee charged on most VA loans, typically between 1.25% and 3.3% of the loan amount. This fee can be financed into the loan amount. It may also be waived entirely for veterans receiving VA disability compensation. See the VA funding fee details or our closing costs page.