VA loans are one of the most powerful benefits available to eligible veterans, active-duty service members, and surviving spouses. With no down payment required, no PMI, and competitive rates, VA loans routinely offer the lowest monthly payment of any loan type. The one cost unique to VA loans is the funding fee — a one-time charge that varies by down payment and usage.
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VA loans are available to active-duty service members with 90+ days of service, veterans who served the required active duty period (generally 181 days peacetime, 90 days wartime), National Guard and Reserve members with 6+ years of service, and surviving spouses of veterans who died in service or from a service-connected disability.
What is the VA funding fee?
The VA funding fee is a one-time charge that helps fund the VA loan program. For first-time VA loan users with 0% down, it's 2.15% of the loan. For subsequent use, it's 3.3%. If you put 5%+ down it drops to 1.5%, and 10%+ down brings it to 1.25%. Veterans with 10% or more service-connected disability rating are exempt entirely.
Can I use a VA loan more than once?
Yes. As long as you pay off your previous VA loan and restore your entitlement, you can use VA benefits again. You can also have two VA loans simultaneously in some cases, such as when you're relocating for military service.
Do VA loans have income limits?
No. VA loans have no income limits or maximum purchase price (for borrowers with full entitlement). Your eligibility is based on your military service, not your income level — though lenders will still qualify you based on your debt-to-income ratio.
Is a VA loan better than a conventional loan?
For eligible borrowers, VA loans are almost always the better deal. No down payment, no PMI, competitive rates, and no loan limits add up to substantial savings. The funding fee is the main cost, but it's typically far outweighed by the savings from no PMI over the life of the loan.