You served your country. Let us serve you.
VA loans offer the most favorable terms of any mortgage program: zero down payment, no private mortgage insurance, and access to the lowest interest rates available -- exclusively for those who have served.
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VA loan benefits vs conventional
See how the VA loan stacks up against a standard conventional mortgage on the features that matter most.
| Feature | VA Loan | Conventional |
|---|---|---|
| Down payment | 0% | 3% - 20% |
| Private mortgage insurance | Not required | Required if under 20% down |
| Interest rates | Lowest available | Market rate |
| Credit flexibility | More lenient, no fixed minimum | 620+ typically required |
| Closing costs | Seller can pay up to 4% | Seller can pay up to 3% |
| Assumability | Yes, loan is assumable | Generally not assumable |
| Loan limits | No limit with full entitlement | $766,550 (conforming) |
| Best for | Eligible veterans and military | Buyers with 20%+ down and strong credit |
Who qualifies for a VA loan?
VA loan eligibility is based on your military service history. You will need a Certificate of Eligibility (COE) to verify your status -- we can pull this for you automatically during the application process.
Active-duty service members
Currently serving with at least 90 continuous days of active duty. You are eligible while serving and retain eligibility after separation with an honorable discharge.
Veterans
Former service members with an honorable discharge (or general under honorable conditions). Wartime veterans need 90+ days of service; peacetime veterans need 181+ days.
National Guard and Reserve
Members with 6 or more years of service in the Selected Reserve or National Guard, or 90+ days of active-duty service under Title 10 orders. Honorable discharge or continued service required.
Surviving spouses
Un-remarried spouses of veterans who died in service or from a service-connected disability. Spouses who remarried after age 57 may also be eligible.
Understanding the VA funding fee
The funding fee is a one-time charge that keeps the VA loan program running without requiring PMI or taxpayer support. The fee varies based on your down payment and whether this is your first time using the benefit.
| Down payment | First-time use | Subsequent use |
|---|---|---|
| 0% down | 2.15% | 3.3% |
| 5% or more | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
Funding fee exemptions
The following groups are exempt from paying the VA funding fee entirely: veterans receiving VA disability compensation, Purple Heart recipients serving on active duty, and eligible surviving spouses. If you believe you qualify for an exemption, let us know during your application and we will verify your status.
VA loan myths -- debunked
"VA loans are slow to close"
VA loans close in about the same timeframe as conventional mortgages -- typically 30 to 45 days. The VA appraisal adds a step, but experienced lenders like Best Finance manage the process so there is no delay. Our average VA closing time is under 30 days.
"You can only use it once"
Your VA entitlement is reusable. After selling a VA-financed property and paying off the loan, you can restore your entitlement and use it again. Some veterans carry two VA loans at the same time using remaining entitlement.
"Sellers don't want VA offers"
Sellers have no valid reason to reject a VA offer over a conventional one. The VA appraisal actually protects the buyer by ensuring the property meets minimum safety and value standards. VA buyers are fully qualified and often highly motivated.
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Frequently asked questions
Thank you for your service. Let us help you buy your home.
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