VA HOME LOANS
A VA loan helps eligible veterans, active-duty service members and certain surviving spouses buy a home with no down payment in most cases, no PMI and flexible qualifying guidelines. At HomyLoan, we're proud to help those who've served use the VA home loan benefit they've earned.
- Usually no down payment
- No PMI
- Guaranteed by the VA
The basics
What Is a VA Loan?
A VA loan is a home loan for eligible veterans, active-duty service members and certain surviving spouses. It is made by VA-approved private lenders, which HomyLoan can connect you with as a mortgage broker, and partially guaranteed by the U.S. Department of Veterans Affairs. The biggest benefit is the ability to buy a home with $0 down in most cases and no PMI, for borrowers with a Certificate of Eligibility (COE) who meet income and credit requirements. A VA funding fee usually applies, though some borrowers are exempt.
- Backed by
- U.S. Dept. of Veterans Affairs
- Down payment
- Usually $0
- Mortgage insurance
- No PMI
How it works
Your VA loan in four steps
From your COE to closing, you work with one licensed loan officer who keeps things moving.
- 01
Confirm your eligibility
Your loan officer helps you request your Certificate of Eligibility (COE) and reviews your income, credit and VA entitlement.
- 02
Get pre-approved
Get a pre-approval letter from a VA-approved lender so you can shop with confidence.
- 03
Find your home
After your offer is accepted, a VA appraisal checks the home's value and that it meets VA minimum property requirements.
- 04
Close and move in
Review your Closing Disclosure, including any VA funding fee, sign at the title company and get your keys.
Eligibility
Who Is Eligible for a VA Loan?
To qualify for a VA loan, you must meet service requirements and obtain a Certificate of Eligibility (COE). VA loan eligibility is typically open to veterans, active-duty service members, members of the Reserves and National Guard, and certain surviving spouses, as outlined below.
Veterans
Veterans who served the minimum required days of active duty during wartime or peacetime.
Reserves & National Guard
Members of the Reserves or National Guard who served six years or more (or meet other service criteria).
Active-duty service members
Active-duty service members who have served for a minimum period.
Surviving spouses
Certain surviving spouses of service members who died in the line of duty or from a service-connected disability.
Next step: your Certificate of Eligibility
Your COE confirms your VA loan entitlement. A licensed loan officer can often help you request it and check whether you may be exempt from the VA funding fee.
Buy or refinance
VA Loan Options
Whether you want to buy a home or refinance an existing mortgage, HomyLoan can help you compare VA loan options for purchase, rate reduction and cash-out refinancing.
VA Purchase Loan
- Purpose
- Buying a primary residence.
- Key Feature
- Up to 100% financing ($0 down) for eligible borrowers.
VA IRRRL (Streamline Refinance)
- Purpose
- Refinancing a current VA loan to a lower rate.
- Key Feature
- Streamlined process with limited documentation in many cases.
VA Cash-Out Refinance
- Purpose
- Refinancing to take cash out of your home equity.
- Key Feature
- Use home equity to pay off debt or cover expenses.
- Talk to a loan officer
Which VA option fits you?
A licensed loan officer can review your goals, entitlement and current loan, then help you compare options. All loans are subject to credit approval.
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Ask Homy anything about home loans
Hi, it's Homy! I can explain loan programs, down payments and the steps to buy or refinance in Texas. For advice on your situation, a licensed loan officer is one tap away.
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VA loan FAQs
Eligible veterans, service members and certain surviving spouses may qualify for a VA loan. Your eligibility is confirmed with a Certificate of Eligibility (COE).
Usually not. Most eligible borrowers can buy with no down payment, subject to credit approval, VA entitlement and lender guidelines.
No. VA loans do not require private mortgage insurance, even with no money down. A one-time VA funding fee usually applies instead.
The VA funding fee is a one-time charge paid to the VA that helps keep the program running. It can usually be financed into the loan, and some borrowers, such as many veterans who receive VA disability compensation, are exempt.
Your loan officer can usually request your COE through the lender, or you can request it directly from the VA. The COE shows the lender you meet VA service requirements.
No. VA loans are for a primary residence you plan to live in. A 2-4 unit property may qualify if you live in one of the units.