VA
Explore VA purchase-loan eligibility, the Certificate of Eligibility, potential no-down-payment financing, funding fees, and owner-occupancy requirements.
A VA-backed mortgage helps eligible veterans, service members, and certain surviving spouses finance a home they will occupy. The Department of Veterans Affairs guarantees part of the loan, but a participating lender still makes the credit decision.
Potential benefits
- No down payment may be required when entitlement, appraised value, purchase price, and lender requirements support the loan.
- VA loans do not require monthly mortgage insurance, unlike many low-down-payment alternatives.
- The benefit may be used more than once when entitlement and other eligibility conditions are met.
Eligibility and documentation
A Certificate of Eligibility (COE) establishes service-related eligibility, not loan approval. The lender also reviews income, residual income, credit, debts, occupancy, and the appraisal. Remaining entitlement and any existing VA loan can affect whether a down payment is required.
Costs and tradeoffs
A VA funding fee usually applies unless the borrower qualifies for an exemption. Financing that fee increases the balance and interest paid. Closing costs and any gap between price and appraised value still need a plan, even when no down payment is required. VA financing is not intended for a stand-alone rental property.
Is this program right for you?
If you have qualifying military service or surviving-spouse eligibility, compare VA with conventional and FHA financing using total costs, not just the interest rate. Confirm your COE and funding-fee status early.
Continue your research
This is general education, not a commitment to lend or confirmation that Home1st Financial offers every product described. Availability depends on participating lenders, property location, and verified licensing. Eligibility, rates, fees, and terms require a complete application and lender approval.