Everything You Need to Know About VA Loans

For those who have served our country, the VA loan program is one of the best benefits available for buying or refinancing a home. Backed by the U.S. Department of Veterans Affairs, VA loans are designed to make homeownership more accessible and affordable for eligible veterans, active-duty service members, and certain military spouses.

If you qualify, a VA loan can help you purchase a home with no down payment, no private mortgage insurance, and competitive rates — a combination that’s hard to beat. Here’s what you need to know.

What Is a VA Loan?

A VA loan is a government-backed mortgage program established to help veterans and service members achieve homeownership. Unlike conventional loans, VA loans are guaranteed by the Department of Veterans Affairs, which means lenders can offer favorable terms and fewer barriers to entry.

Key Benefits:

• No down payment required for most borrowers

• No private mortgage insurance (PMI)

• Competitive interest rates compared to conventional loans

• Easier qualification for credit and income

• Limited closing costs with the potential for seller assistance

Who Qualifies for a VA Loan?

Eligibility for a VA loan is based on your service history and duty status. In general, you may qualify if you meet one or more of the following:

• You’re a veteran who served on active duty and was discharged under conditions other than dishonorable

• You’re an active-duty service member with at least 90 continuous days of service

• You’re a member of the National Guard or Reserves with sufficient service history

• You’re the surviving spouse of a veteran who died in service or from a service-connected disability and you have not remarried

You’ll need a Certificate of Eligibility (COE), which confirms your entitlement to the VA home loan benefit. Your lender can help you obtain this document as part of the loan process.

What Can You Use a VA Loan For?

VA loans are more flexible than many realize. You can use them for:

• Purchasing a primary residence

• Refinancing an existing home loan (through a VA Interest Rate Reduction Refinance Loan, or IRRRL)

• Building a new home

• Making certain energy-efficient improvements

Keep in mind that VA loans cannot be used for vacation homes or investment properties — they must be for your primary residence.

VA Loan Requirements

While VA loans are more forgiving than conventional options, there are still some basic requirements you’ll need to meet:

• Credit score: Most lenders look for a 620+ credit score

• Income: You’ll need to show stable income and manageable debt levels

• Property standards: The home must meet VA’s minimum property requirements to ensure it’s safe, sound, and sanitary

The VA loan also includes a funding fee, which helps keep the program running for future generations of service members. This fee can be rolled into your loan amount and varies depending on your down payment and whether you’ve used your VA benefit before.

VA Loan vs. Conventional Loan

Why a VA Loan Might Be Right for You

If you’ve served in the military, a VA loan can provide an incredible path to homeownership with fewer upfront costs and long-term savings. It’s ideal for those who want to maximize their benefits, keep monthly payments low, and buy a home with little or no down payment.

Helping You Make the Most of Your VA Benefits

At Chris Lewis | Home Loans, we’re proud to help veterans and service members take advantage of the benefits they’ve earned. We’ll walk you through every step of the process — from confirming your eligibility to closing on your home — so you can move forward with confidence.