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VA Mortgage

VA Mortgages Defined A VA mortgage is a mortgage available to service members, veterans, and eligible surviving spouses.

VA Mortgages Defined

 

A VA mortgage is a mortgage available to service members, veterans, and eligible surviving spouses. It is a benefit provided by the Department of Veterans Affairs (VA) and is guaranteed by the federal government.

 

Benefits of a VA Mortgage

 

VA mortgages are of great benefit to eligible service members, veterans, and surviving spouses. Because these loans are guaranteed against default by the government, VA-approved lenders are able to offer competitive rates on VA mortgages. The VA also has a number of other benefits that include the following.

 

No Down Payment

Probably the best benefit to a VA mortgage is the fact that it is a 100% financed, no down payment loan. Being able to finance the entire purchase price of your home is welcomed news for many first-time home buyers, though anyone obtaining a VA mortgage can buy with no money down.

 

Finance Closing Costs

In addition to financing the entire purchase price of your new home, the VA allows its approved lenders to include up to 3 percent of closing costs in the loan as well. Closing costs include fees charged by the lender to originate your loan, fees charged by the title company or escrow attorney, and prepaid interest and taxes.

 

No Private Mortgage Insurance

The guarantee given by the government protects lenders against losses, should a default occur. Because of this guarantee, no Private Mortgage Insurance (PMI) is required on VA mortgages. PMI can add hundreds of dollars per month to a traditional mortgage loan payment, so this benefit represents a huge overall savings to those eligible for the VA mortgage benefit.

However, VA loans do require a funding fee.

 

Easier to Qualify

VA mortgages were established in 1944 to help returning service members purchase homes. To encourage this, the requirements to qualify were less strict than other mortgages, and remain so today. The VA mortgage is great for first-time home buyers or those with less-than-perfect credit.

 

Eligibility and Qualification for a VA Mortgage

 

The VA determines eligibility for the VA mortgage benefit. Factors for determining eligibility include dates and duration of service and discharge status. Eligibility for a VA mortgage does not mean you qualify for a VA mortgage, however. In order to qualify, you must obtain a Certificate of Eligibility (COE) and be approved by a VA-approved lender as the VA does not actually originate loans. Factors for qualification include credit, income, debt-to-income ratios, and other factors. To obtain your Certificate of Eligibility (COE), click here.

 

Other VA Mortgage Considerations

 

Loan Limits

The maximum amount that can be loaned from the VA is $453,100. This amount is higher in some specific areas of the country. The VA County Loan Limits can be viewed here.

 

VA Funding Fee

When you obtain a VA mortgage, the VA charges a funding fee that is typically 2.15 percent of the loan amount. This funding fee can be financed into the mortgage and will vary based on certain factors.

 

Assumable Mortgage

One fact that is known to few is that VA mortgages are assumable. This means that if someone is interested in purchasing your home and they are eligible and qualify for a VA mortgage, they can take over your interest rate. This is of huge benefit when interest rates start to rise as you can offer an interest rate lower than a lender.

 

VA Mortgage Options

 

With a VA mortgage, you can purchase a home, refinance a home, or complete an Interest Rate Reduction Refinance (also known as a streamline refinance). You can also re-use your VA mortgage benefit to purchase a new property, should you decide to move.

*ARMs are only available as 30-year loans.

Adjustable-Rate Mortgage Eligibility Requirements in 2026

DOWN PAYMENT

0

TERMS

15, 20, 25, 30* years, fixed and variable

CREDIT SCORE

580 minimum score

MORTGAGE INSURANCE

No

MAXIMUM LOAN AMOUNT

$453,100 (more with down payment) varies by county

Our Extensive Loan Product Offering Includes:

We leverage advanced lending technology to enhance every stage of the loan journey — from instant calculations and eligibility checks to secure document processing. This platform-driven approach allows us to deliver faster responses while maintaining accuracy and compliance.

  • Conventional Loans (including low down payment options)
  • FHA Loans
  • VA Loans (even for borrowers with credit challenges)
  • USDA Loans
  • Jumbo Loans
  • HELOCs and Home Equity Loans
  • Reverse Mortgages
  • 2-1 Buydowns (help your clients reduce their initial monthly payments)
  • Down Payment Assistance Programs (DPA)
  • Non-QM Loans (for borrowers who don’t fit traditional lending criteria)
  • DSCR Loans (multiple ways to structure for investors)
  • Bank Statement Loans (for self-employed borrowers)
Frequently Asked Questions

VA Mortgage

What is a VA Mortgage?
A VA mortgage is a home loan backed by the U.S. Department of Veterans Affairs, designed to help eligible veterans, active-duty service members, and certain military spouses buy, build, or refinance a home with favorable terms.
What are the main benefits of a VA loan?
VA loans typically offer no down payment, competitive interest rates, no private mortgage insurance (PMI), and more flexible credit requirements compared to conventional loans.
Who is eligible for a VA mortgage?
Eligibility generally includes veterans, active-duty service members, National Guard/Reserve members, and some surviving spouses. Borrowers must obtain a Certificate of Eligibility (COE) to qualify.
Can a VA loan be used more than once?
Yes. VA loans are a reusable benefit. Eligible borrowers can use their entitlement multiple times, provided they meet occupancy and entitlement restoration requirements.

Interest Rates, APR’s & programs are illustrations subject to change at any time. These do not constitute a ‘Loan or Good Faith Estimate’ for payments and closing costs. Not all applicants will qualify. APR may vary by product type. Consumer is not obligated to use any party mentioned. Lender Express Mortgage is not affiliated with FHA, VA, USDA or the Federal Government. Lender Express Mortgage, LLC supports Equal Housing Opportunity (www.nmlsconsumeraccess.org) | (888) 286-0367 | 2500 S Power Rd Bldg 9 Ste 133, Mesa, AZ 85209. Regulated by the AZ Department of Financial Institutions. Arizona License #MB-1008082, CA #60DBO-140688, CO #MB-1963444, FL #MBR4665, IA #1963444, OR #1963444, PA #79751, TX #1963444. Figure: 7 tac § 80.200(b) consumer wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department website at www.Sml.Texas.Gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.Sml.Texas.Gov. Above information and content is accurate as of 6/22.