VA Loan Guide
VA Loans: The Benefit You Earned
Zero down, no PMI, and rates lower than any other government-backed mortgage. The VA home loan is one of the most valuable benefits in service — and we'll help you use it without the bureaucratic friction. Free COE help, residual-income strategy, and IRRRL refinances are all baked in.
Today's 30-Yr VA
5.375%
/ 5.7% APR
$0Down Payment
$0PMI Ever
∞Loan Limit*
In this guide
Why VA Loans Win for Eligible Borrowers
If you've served, the VA loan is almost always the best mortgage available to you. Lower rate than conventional, no down payment required, no monthly mortgage insurance ever, and lifetime usability with full restoration. Most veterans don't realize how much they can buy with full entitlement.
Zero Down Payment
100% LTV financing for purchases. The only widely-available $0-down loan for non-rural buyers. Keep your savings for renovations, emergencies, or the next investment.
No PMI, Ever
VA loans have NO monthly mortgage insurance, even with $0 down. That alone saves $200-$400/month compared to FHA or low-down conventional.
Lowest Government Rate
VA rates typically run 0.25-0.50% below FHA and 0.125-0.375% below conventional. The government guarantee de-risks the lender's pricing.
No Loan Limit (Full Entitlement)
If you have full VA entitlement, there's NO maximum loan amount. The cap only applies if you have an active VA loan or used your benefit before.
Lenient Underwriting
Lower minimum credit (most lenders 580), higher DTI tolerance (60%+ with residual income), 2-year bankruptcy waiting period (vs. 4 for conventional).
Reusable Benefit
Sell, pay off, or restore your entitlement and use it again. Veterans have used the VA loan 2, 3, even 5 times across their careers.
Today's VA Rates: National Average vs. OnPoint
National retail averages compared to OnPoint's posted wholesale VA pricing. On a $400,000 VA loan, every 0.25% off your rate saves about $60/month — or roughly $22,000 over a 30-year hold.
| Loan Type | National Avg | OnPoint Rate | OnPoint APR | You Save |
|---|---|---|---|---|
| 30-Yr VA Purchase | 6.24% | 5.375% | 5.7% | -0.87% |
| VA IRRRL (Streamline Refi) | 6.24% | 5.74% | 5.9% | -0.50% |
| VA Cash-Out Refi | 6.24% | 5.75% | 6.1% | -0.49% |
VA Loan Eligibility Check — 30 Seconds
Quick self-check based on the most common service scenarios. This won't pull your credit or commit you to anything — just helps you know where you stand before talking to us.
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☎ (877) 870-0007VA Funding Fee Calculator
The VA funding fee is a one-time charge (1.25% to 3.30%) that funds the VA loan program. It's typically rolled into the loan, not paid upfront. Veterans with a 10%+ service-connected disability rating, Purple Heart recipients, and qualifying surviving spouses are EXEMPT.
Funding Fee Rate
2.15%
Funding Fee Amount
$8,600
Final Loan Amount
$408,600
You're exempt: No VA funding fee applies. Your final loan amount equals your base loan amount. This is a $5K-$13K savings on most loans.
Types of VA Loans
Five main flavors. Most veterans use the standard Purchase loan; existing VA borrowers refinance via the IRRRL streamline.
VA Purchase Loan
Buy a primary residence (1-4 unit) with $0 down. Property must be your primary home; you must occupy within 60 days. About 75% of VA loans are purchases.
VA IRRRL (Interest Rate Reduction Refinance)
Refinance an existing VA loan to a lower rate with minimal docs — no appraisal, no income verification, no fees in some cases. Closes in 14-21 days.
VA Cash-Out Refinance
Tap up to 100% of home equity as cash — the most generous cash-out program in the market. Available whether or not your current loan is VA.
NADL (Native American Direct Loan)
Direct VA loan for Native American veterans or veterans married to a Native American spouse buying or building on federal trust land. VA lends directly, no private lender.
VA Loan Limits & Entitlement
If you have FULL VA entitlement, there's NO maximum loan amount. The county "limits" you see published only apply if you have an active VA loan, defaulted on a past one, or partially used your benefit.
Full Entitlement
You've never used your VA loan, OR you used it and fully paid it off, OR you sold the home and the lender released the entitlement back to you. No loan-amount cap. Buy as much home as you can qualify for income-wise.
Partial Entitlement
You have an active VA loan OR a previous VA loan you didn't pay off (e.g., short sale, assumption). Limited to your remaining entitlement, capped at the county conforming loan limit ($832,750 baseline / $1,249,125 high-cost in 2026).
Restoration
One-time, you can restore full entitlement WITHOUT selling the previous VA-financed home. Most veterans don't know this exists. We help structure it when it makes sense.
VA vs FHA vs Conventional
For eligible borrowers, VA wins on almost every metric. Here's the honest comparison.
| Factor | VA This Page | FHA | Conventional |
|---|---|---|---|
| Min down payment | 0% | 3.5% | 3% |
| Min FICO | ~580 (lender set) | 580 (500 with 10% down) | 620 |
| Monthly mortgage insurance | None ever | MIP for life (if <10% down) | PMI drops at 78% LTV |
| Upfront fee | Funding fee 1.4-3.6% (often financed; waived for disabled veterans) | 1.75% upfront MIP (financed) | None |
| Max loan amount | No max with full entitlement | $524,225 baseline / $1,249,125 high-cost | $832,750 baseline / $1,249,125 high-cost |
| Max DTI | 60%+ with residual income | 57% with comp factors | 50% with comp factors |
| Property type | Primary only (1-4 unit OK) | Primary only | Primary, 2nd home, investment |
| Bankruptcy waiting | 2 years (Ch 7) | 2 years (Ch 7) | 4 years (Ch 7) |
| Foreclosure waiting | 2 years | 3 years | 7 years |
| Best for | Military / veterans | Lower credit, first-time buyers | Strong credit, 5%+ down |
VA Loan Pros & Cons
VA is genuinely the best option for most eligible borrowers, but a few situations favor going conventional or FHA instead. Balance is important.
Pros of VA Loans
- $0 down for 100% LTV financing — the only widely-available no-down loan
- No monthly mortgage insurance, ever — saves $200-$400/month vs. FHA or low-down conventional
- Lower interest rates than FHA or conventional, typically by 0.25-0.50%
- No maximum loan amount with full entitlement
- Funding fee waived for veterans with 10%+ service-connected disability
- Lenient credit guidelines — many lenders allow 580 FICO
- Residual income test instead of strict DTI — military families often qualify for more
- BAH (Basic Allowance for Housing) counts as income for active duty
- Assumable: a future buyer can take over your low VA rate when you sell
- Lifetime, reusable benefit — many veterans use it 3+ times
Cons of VA Loans
- Funding fee of 1.4-3.6% (financed into the loan, but adds to balance)
- Primary residence only — no second homes or pure investment property
- VA appraisal can be stricter than conventional (catches more property issues)
- Some sellers (rare) prefer conventional offers because of perceived VA red tape
- Must occupy within 60 days of closing (PCS exceptions available)
- Some condo developments aren't VA-approved — the project must be on the VA condo list
- One-unit, owner-occupied limits if you have partial entitlement
Who VA Is Best For
For most eligible borrowers, VA is the answer. These are the scenarios where it's an absolute no-brainer.
You Want Zero Down
VA is the only mainstream zero-down loan. Save your cash for closing costs, reserves, or moving expenses instead.
You Have a Disability Rating
10%+ service-connected disability means NO funding fee. That's $5K-$13K saved on a typical loan, on top of the no-PMI benefit.
You Have Limited Cash Savings
No down payment + ability to negotiate seller-paid closing costs (up to 4%) can mean truly zero cash to close.
You Have a Tighter DTI
VA's residual income test often qualifies borrowers who'd be denied conventional or FHA. Particularly powerful for active-duty families with BAH.
You're Refinancing an Existing VA Loan
IRRRL is the cheapest, fastest refinance in the market — no appraisal, no income docs, 14-21 day close, 0.50% funding fee.
You're Buying a 2-4 Unit Property
Live in one unit, rent the others. VA at zero down on a multi-unit is one of the best "house hacking" plays in America.
VA Loan FAQ
Questions we hear constantly from veterans considering their first — or fifth — VA loan.
How do I get my Certificate of Eligibility (COE)?
You can request it yourself via eBenefits.va.gov or VA Form 26-1880, but the easier path is to let us pull it for you. As a lender, we have direct access to the VA portal and can usually retrieve your COE in 1-3 business days. We do this free as part of the pre-approval process.
Can I use my VA loan more than once?
Yes. The VA loan benefit is reusable for life. Sell the property and your entitlement is restored. Pay off the loan and your entitlement is restored. You can also have multiple active VA loans simultaneously using partial entitlement. Many veterans use the benefit 3-5 times across their lifetimes.
Do I have to be a veteran, or can active-duty service members use a VA loan?
Active duty members qualify after 90 days of continuous service during wartime or 181 days during peacetime. Veterans with honorable or general discharges qualify. National Guard / Reserves need 6 years of service OR 90 days of active federal service. Surviving spouses of certain deceased veterans also qualify.
Is the VA funding fee always required?
No. Veterans with a service-connected disability rating of 10% or higher are EXEMPT. Purple Heart recipients are exempt. Surviving spouses receiving Dependency and Indemnity Compensation (DIC) are exempt. Even if you're not exempt, the fee is typically rolled into the loan, not paid out of pocket.
What's the minimum credit score for a VA loan?
VA itself doesn't set a minimum — the lender does. Most lenders require 580 or 620. We work with lenders who'll go to 580 for the right file. The VA cares more about your residual income, debt-to-income, and 12-month payment history than your FICO score.
Can I buy a multi-family home with a VA loan?
Yes, up to 4 units, as long as you live in one of them as your primary residence. The other units can be rented. Many active-duty service members "house hack" using VA on a 4-unit at zero down. Rental income from the other units can often help you qualify for the loan.
How long does a VA loan take to close?
Purchase: 30-45 days, similar to conventional. The VA appraisal can add a day or two over conventional. IRRRL streamline refi: 14-21 days, often faster than any other refinance type. Cash-out refi: 30-45 days. Our average VA purchase close is 32 days.
What is the residual income test?
Unique to VA loans. After paying your mortgage, taxes, insurance, debts, and basic living expenses, you must have a minimum amount of "residual" income left over. The amount depends on family size and region. This is often MORE generous than the DTI ratio, which is why VA borrowers can qualify with DTI above 50%.
Can I refinance from a conventional loan TO a VA loan?
Yes, via VA Cash-Out Refinance, even if you're not taking cash out. This is the only way to refinance INTO a VA loan from a non-VA loan. Once you're in a VA loan, future refis can use the cheaper IRRRL option.
Does my spouse need to be a veteran too?
No. Only one borrower needs to be VA-eligible. If your spouse has good credit and income, they can co-borrow on the loan. Their income helps you qualify, but they don't need military service themselves.
You Earned This Benefit. Let's Use It.
Free COE pull. Free eligibility check. No credit pull at the first call. Whether you're a first-time VA buyer or refinancing your fifth, we'll model the math, run the funding fee numbers, and tell you the cleanest path to closing.
☎ (877) 870-0007Mon-Fri 8am-7pm PT · Sat 9am-3pm PT · Licensed in 9 states · NMLS #2134550
Terms & Conditions: VA loan rates and pricing shown are illustrative based on 740 FICO, single-family primary residence, 30-year fixed. Actual rate depends on credit profile, debt-to-income, residual income, property type, loan amount, and current market conditions at lock time. APR includes estimated closing costs and is for comparison purposes. *No loan limit applies only to veterans with full VA entitlement; partial entitlement is capped at county conforming loan limit. VA funding fee schedule (2026): Purchase first use 0% down 2.15%, 5-9.99% down 1.50%, 10%+ down 1.25%; subsequent use 0% down 3.30%, 5%+ down 1.50%; IRRRL 0.50%; Cash-out first 2.15% / subsequent 3.30%. Funding fee waived for veterans with 10%+ service-connected disability, Purple Heart recipients, and qualifying surviving spouses. Eligibility verification requires Certificate of Eligibility (COE) from VA. Subject to credit and program approval. OnPoint Mortgage Pro is a licensed mortgage broker; NMLS #2134550. Equal Housing Lender.