VA Home Loan — No Down Payment Mortgage
Buy a home with $0 down, no PMI, and below-market interest rates. The most powerful financial benefit for most veterans.
Who qualifies: Veterans, Active duty, National Guard, Veterans with a service-connected disability.
The VA Home Loan program allows eligible veterans and service members to purchase a home with no down payment and no private mortgage insurance (PMI), saving thousands per year.
Key advantages:
• $0 down payment on home purchases
• No PMI required (saves $100—$300/month vs conventional loans)
• Interest rates typically 0.5—1% below market
• Limited closing costs (seller can pay all)
• No prepayment penalty
• Can be reused unlimited times
• Assumable by another eligible veteran
Loan types:
• VA Purchase Loan — buy a home
• VA Cash-Out Refinance — access your equity
• VA IRRRL (Streamline Refinance) — lower your rate, no appraisal required
• Native American Direct Loan (NADL) — for Native American veterans
Eligibility Requirements:
• 90 days active duty wartime, OR 181 days peacetime, OR 6 years Guard/Reserve, OR spouse of fallen member
• Honorable or general under honorable discharge
• Obtain a Certificate of Eligibility (COE) from VA.gov
• Purchase must be primary residence
Get your COE free at VA.gov or through a VA-approved lender.