Core VA loan benefits
VA loans are made by private lenders and partially guaranteed by the Department of Veterans Affairs. Eligible veterans, active-duty service members and certain surviving spouses may use the benefit to purchase or refinance a primary residence.
What still needs to be evaluated?
- Certificate of Eligibility and available entitlement
- Occupancy plans and property eligibility
- Credit, income, debts and VA residual income
- VA appraisal and minimum property requirements
- Funding-fee status and possible exemption
More than a zero-down loan
Zero down can preserve savings, but a borrower can still choose to make a down payment. The right structure depends on available entitlement, payment goals, seller concessions, closing costs and reserves after closing.
VA refinance options
Interest Rate Reduction Refinance Loan
An IRRRL may simplify refinancing an existing VA loan when the transaction meets VA benefit and seasoning requirements.
VA cash-out refinance
A cash-out transaction can refinance an existing mortgage into a VA loan or access equity, subject to eligibility, value and lender guidelines.
Using remaining entitlement
Some eligible borrowers can hold more than one VA-backed loan, but the required guaranty and possible down payment depend on entitlement already charged and the new property's location and price.
This website is not affiliated with or endorsed by the U.S. Department of Veterans Affairs. Eligibility and approval depend on VA and lender requirements.