VA Loan Information for Homebuyers
What is a VA Home Loan?
A VA home loan is a mortgage program backed by the U.S. Department of Veterans Affairs (VA) that helps eligible service members, veterans, and certain surviving spouses purchase a primary residence.
VA loans are designed to make homeownership more accessible by offering flexible qualification guidelines and competitive loan terms.
You may be eligible for a VA loan if you are:
- Active duty military
- A veteran
- A member of the National Guard or Reserves
- An eligible surviving spouse
What Can a VA Loan Be Used For?
- Purchase a primary residence
- Refinance an existing VA or non-VA loan
- Reduce your interest rate through an IRRRL (VA Streamline Refinance)
- Access equity through a VA cash-out refinance
Eligibility is determined by the VA and confirmed through a Certificate of Eligibility (COE).
Frequently Asked Questions:
Do VA Loans Require Mortgage Insurance?
VA loans do not require monthly private mortgage insurance (PMI).
However, a VA funding fee may apply unless the borrower qualifies for an exemption.
Can I Use My VA Loan More Than Once?
Yes. VA loan benefits may be reused if:
- The previous VA loan is paid off
- The home is sold
- Entitlement is restored
- Partial entitlement is available for another purchase
Mission HomeReady helps determine how much entitlement is available and when your VA loan benefit can be used again.
How Mission HomeReady Helps
Mission HomeReady connects you with both a mortgage lender and real estate broker working together to:
- Confirm VA loan eligibility
- Obtain your COE
- Compare VA financing to FHA or conventional options
- Prepare for pre-approval
- Guide you through home search and closing
Key Benefits of a VA Loan
Qualified borrowers may benefit from:
- No required down payment in many cases
- No private mortgage insurance (PMI)
- Competitive interest rates
- Limited closing costs
- Flexible credit guidelines
- Reusable benefit after restoration of entitlement
VA loans are intended for primary residences only and cannot be used to purchase investment properties.
Expert Guidance
Our experienced agents will guide you through the buying or selling process, providing expert advice and support every step of the way.
Compliance Note:
VA loan eligibility, terms, and benefits are subject to U.S. Department of Veterans Affairs guidelines and lender approval. Loan approval is not guaranteed. VA loans are intended for owner-occupied primary residences only.
Supporting Our Nation's Warriors
VA Loan Course
Before you apply, learn how to use your VA loan the smart way.
We’ll walk you through it.