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Loan guide

VA loan

Earned benefit for veterans and service members: often no down payment and no monthly mortgage insurance. Best for: Eligible veterans, active-duty service members, and some surviving spouses.

Key facts

  • Often 0% down. No monthly mortgage insurance.
  • One-time funding fee: 2.15% on first use with under 5% down (3.3% on later use), lower with 5% or more down. Usually added to the loan.
  • Veterans with a service-connected disability rating, and certain others, are exempt from the funding fee.
  • No VA loan limit for borrowers with full entitlement.
  • Needs a Certificate of Eligibility (we can request it). Main home only. The benefit can be reused.

Pros

  • No down payment for most
  • No monthly mortgage insurance
  • Competitive rates
  • Limits on certain closing costs
  • Low-cost "IRRRL" refinancing later

Cons

  • Funding fee unless exempt
  • Main homes only
  • Property must meet VA standards
  • Using it may tie up entitlement until the loan is repaid
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More detail: LoansAndHouses.com loan programs

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Common questions

Who is a VA loan best for?

Eligible veterans, active-duty service members, and some surviving spouses.

What are the main pros and cons of a VA loan?

Pros: No down payment for most; No monthly mortgage insurance; Competitive rates; Limits on certain closing costs; Low-cost "IRRRL" refinancing later. Cons: Funding fee unless exempt; Main homes only; Property must meet VA standards; Using it may tie up entitlement until the loan is repaid.

Figures checked October 2026 and subject to change. Loan limits are updated each January. Program rules, eligibility and pricing vary by lender and borrower. Not a commitment to lend. Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.

Your next step

Find your best loan →Answer a few questionsSee the payment →With taxes and insuranceGet pre-approved →Free, with no obligation

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Educational information only. This page gives general information to help you learn and plan. It is not legal, tax, financial or other professional advice, or an offer to lend. For advice on your situation, talk to a licensed professional. Terms of use

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