VA Purchase Loan Guide
Everything you need to know about using your VA home loan benefit to purchase your dream home with no down payment required.
Key Benefits of VA Purchase Loans
No Down Payment Required
Finance 100% of your home's value with no upfront down payment needed.
No Private Mortgage Insurance
Save hundreds monthly by avoiding PMI requirements.
Competitive Interest Rates
Access some of the best mortgage rates available in the market.
Reusable Benefit
Use your VA loan benefit multiple times throughout your lifetime.
Eligibility Requirements
Service Requirements
- 90 days of active duty during wartime
- 181 days of active duty during peacetime
- 6 years in the National Guard or Reserves
- Surviving spouses of service members who died in service or from service-connected disabilities
Credit and Income Requirements
- Most lenders prefer a credit score of 620 or higher
- Debt-to-income ratio of 41% or lower (VA preference)
- Sufficient residual income for family size and location
Eligible Property Types
Approved Properties
- Single-family homes
- Multi-unit properties (up to 4 units)
- VA-approved condominiums
- Manufactured homes and lots
Property Requirements
- Must be your primary residence
- Meet VA minimum property requirements
- Pass VA appraisal and inspection
- Safe, sanitary, and structurally sound
VA Purchase Loan Process
1
Get Your Certificate of Eligibility
Obtain your COE through VA.gov, a VA-approved lender, or by mail.
2
Get Pre-approved
Work with a VA-approved lender to get pre-approved and determine your budget.
3
Find Your Home
Search for homes that meet VA property requirements and fit your budget.
4
Make an Offer
Submit a competitive offer with VA loan pre-approval documentation.
5
Complete the Loan Process
Work with your lender through underwriting, appraisal, and closing.
Costs and Fees
VA Funding Fee (2025)
First-time use (no down payment):2.15%
Subsequent use (no down payment):3.30%
With 5% down payment:1.50%
With 10% down payment:1.25%
Funding Fee Exemptions
- Veterans with 10%+ service-connected disability
- Purple Heart recipients
- Surviving spouses of veterans who died in service
- Veterans receiving VA compensation for service-connected disabilities