Veteran Affairs Home Loans
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What Is a Veteran Affairs Loan?
A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.
Explore different loan types
Purchase loan
Looking to buy a home? Find out if you’re eligible for a VA-backed purchase loan to get better terms than with a private-lender loan.
Native American Direct Loan (NADL) program
Are you a Native American Veteran or a Veteran married to a Native American? Find out if you’re eligible for a NADL to buy, build, or improve a home on federal trust land.
Interest Rate Reduction Refinance Loan (IRRRL)
Have an existing VA-backed home loan? Find out if you’re eligible for a VA-backed IRRRL to help reduce your monthly payments or make them more stable.
Cash-out refinance loan
Want to take cash out of your home equity to pay off debt, pay for school, or take care of other needs? Find out if you’re eligible for a VA-backed cash-out refinance loan.
Benefits of VA Loan
Loan Requirements & Process
To qualify for specific VA loan benefits, length of service, duty status, and character of service are all considered when determining eligibility. For veterans and service members on active duty, a history of active duty service to qualify should include:
- 2 years for regular service members or 6 years for Reservists and National Guard members
- 6 years for Reservists and National Guard members, 90 days active duty during wartime & lastly 181 days active duty during peacetime.
- Certificate of Eligibility (COE). This is a document that tells a lender you meet the military service or surviving spouse requirements to get a VA home loan.
- Lending Requirement. While individual lenders determine the qualifying guidelines, a credit score of around 580 is generally needed, along with a debt-to-income (DTI) ratio of 50% or lower. Exceptions to the DTI rule do apply, such as if you have more than enough residual income.
