A VA loan is a mortgage benefit available to eligible veterans, active-duty service members, and surviving spouses. It is backed by the U.S. Department of Veterans Affairs and offers some of the most favorable terms available in the mortgage market, including no down payment and no private mortgage insurance.
Lender Express is proud to work with veterans and military families across the country. We partner with VA-approved lenders to ensure you get the most out of this hard-earned benefit.
WHAT IS A VA LOAN?
A VA loan is a government-backed mortgage guaranteed by the U.S. Department of Veterans Affairs. It is offered through private lenders but comes with a government guarantee that protects the lender if you default. That guarantee is what allows lenders to offer zero down payment and competitive rates without requiring mortgage insurance.
VA loans are exclusively available to those who have served in the military and meet the VA service requirements. A Certificate of Eligibility (COE) is required as part of the loan process.
VA loans can be used to purchase a primary residence, build a new home, or refinance an existing mortgage.
KEY BENEFITS
- No down payment required in most cases
- No private mortgage insurance (PMI)
- Competitive interest rates, often lower than conventional options
- More flexible credit and income requirements
- Limits on closing costs that can be charged to the borrower
- No prepayment penalty
- Can be used multiple times throughout your lifetime
- Streamlined refinance option available through the VA IRRRL program
HOW IT WORKS
- Confirm your eligibility. You can obtain a Certificate of Eligibility (COE) through the VA or we can help you request it.
- Get pre-approved. We review your financial profile and connect you with a VA-approved lender.
- Find your home. The property must be your primary residence and pass a VA appraisal.
- Complete the loan process. Underwriting reviews your COE, income, credit, and appraisal.
- Close on your home with no down payment required in most cases.
Use our mortgage calculator to estimate your monthly payment under different loan terms and see how the numbers compare.
WHO THIS LOAN IS BEST FOR
- Veterans with honorable or general discharge
- Active-duty service members who have met minimum service requirements
- National Guard and Reserve members who meet VA eligibility rules
- Surviving spouses of veterans who died in service or from a service-connected disability
- Military buyers who want to purchase a home with no money down
- Veterans looking to refinance an existing mortgage at a lower rate
BASIC REQUIREMENTS
| Eligibility | Must be a veteran, active-duty service member, or qualifying surviving spouse |
| Certificate of Eligibility | Required; can be obtained through the VA or through your lender |
| Minimum Credit Score | No VA minimum; most lenders require 580-620 or higher |
| Down Payment | None required in most cases |
| Debt-to-Income Ratio | Typically 41% guideline; higher may be acceptable with residual income |
| Funding Fee | One-time fee paid to the VA; amount varies by loan type and down payment; may be waived for veterans with service-connected disabilities |
| Property Requirements | Must be primary residence; must pass VA appraisal |