Loan program · Core
VA Loans
VA loans are guaranteed by the U.S. Department of Veterans Affairs and available to eligible service members, veterans and certain surviving spouses. For eligible borrowers with full entitlement, financing up to the appraised value with no down payment is often possible, and there is no monthly mortgage insurance.
Guidance by Manny
Who it is designed for
- Active duty service members and veterans who meet VA service requirements
- Certain surviving spouses of service members
- Eligible buyers who want to preserve cash instead of making a down payment
- Veterans refinancing an existing mortgage
Eligible occupancy types
- Primary residence only
Down payment or equity
No down payment is required for eligible borrowers with full entitlement, subject to VA and lender requirements.
Major benefits
- No monthly mortgage insurance
- Competitive interest rate structure
- Financing with no down payment for eligible borrowers with full entitlement
- The benefit can generally be reused over a lifetime as entitlement is restored
Important considerations
- A VA funding fee usually applies unless you are exempt, and it can be financed
- The VA appraisal includes minimum property requirements
- Entitlement may be reduced if you have another active VA loan
- Primary residence occupancy is required
How qualification generally works
- Certificate of Eligibility confirming VA entitlement
- Documented income and residual income analysis specific to VA
- Credit review under VA and lender guidelines
- VA appraisal on the subject property
Documents commonly requested
- Photo ID and Social Security number for each borrower
- Most recent pay stubs covering a full 30 day period, if you receive W2 wages
- W2s and/or federal tax returns for the most recent years requested
- Two months of asset statements for accounts used for down payment and reserves
- Current mortgage statement, homeowners insurance and property tax information on properties you own
- Explanations for large or non payroll deposits
- Certificate of Eligibility, DD-214 or current statement of service
Not sure this is the right mortgage?
Tell Manny what you're trying to accomplish. He can help you compare this program with other financing options that may fit your situation — your income and how it is documented, your credit and assets, the property and how you will use it, your timeline, and the guidelines that apply. Most borrowers have more than one workable path.
Frequently Asked Questions
Related programs and next steps
Considering va loans?
We will review your documents, compare the realistic options, and give you a written preapproval you can use with confidence. Nothing on this page is a commitment to lend.