VA Purchase Loans
Your Service Earns This
No down payment. No PMI. Competitive rates. The VA home loan is one of the most powerful benefits available to those who served, and Quantico Mortgage is here to help you use every dollar of it.
Get Pre-Qualified TodayThe Basics
What Is a VA Purchase Loan?
A VA Purchase Loan is a government-backed mortgage offered exclusively to eligible veterans, active-duty service members, and surviving spouses through the U.S. Department of Veterans Affairs.
Unlike conventional loans, the VA guarantees a portion of your loan, meaning lenders can offer you significantly better terms. The result: you can buy a home with no down payment, no private mortgage insurance, and some of the lowest interest rates available anywhere in the market.
This benefit was established under the Servicemen's Readjustment Act of 1944 and has helped more than 25 million veterans and service members achieve homeownership. It remains one of the most generous financial benefits tied to military service — and it never expires.
VA loans can be reused. As long as you've repaid a prior VA loan or meet entitlement requirements, your benefit is renewable , you're not limited to one use in your lifetime.
Active duty members, veterans, National Guard & Reserve members with qualifying service, and eligible surviving spouses of veterans who died in service or from a service-connected disability.
The VA guarantees 25% of your loan amount to the lender. This security shifts the risk away from you, giving you zero down payment and no PMI without compromise.
With full entitlement, there is no VA loan limit , you can borrow as much as a lender will approve. County limits only apply if you carry partial remaining entitlement from a previous VA loan.
Why VA Beats Everything Else
Benefits No Other Loan Can Match
The VA loan program isn't just good, it's in a category of its own. Here's what makes it exceptional.
Zero Down Payment
Buy a home with no money down. Most conventional loans require 3–20%. The VA loan requires nothing letting you preserve your savings for moving costs, renovations, or emergencies.
No Private Mortgage Insurance
PMI typically costs 0.5–1.5% of your loan per year. On a $300,000 loan that's up to $4,500 annually. VA loans charge zero PMI ever because the government guarantees your lender against loss.
Competitive Interest Rates
VA loans routinely offer interest rates 0.25–0.5% lower than comparable conventional loans. Over a 30-year mortgage, that difference adds up to tens of thousands of dollars in savings.
Reusable Benefit
Your VA entitlement doesn't disappear after first use. Pay off your loan or sell the home, and your full entitlement is restored. You can use a VA loan multiple times throughout your life.
Flexible Credit Standards
The VA doesn't set a minimum credit score, and the program is designed with practical standards that acknowledge real life. Many veterans who don't qualify for conventional loans are approved under VA guidelines.
Limits on Closing Costs
The VA regulates what lenders can charge you. Sellers can pay all of your closing costs, and certain fees are simply not allowed to be charged to VA borrowers putting more money in your pocket at closing.
Assumable Mortgages
A VA loan can be assumed by another qualified buyer when you sell a major advantage in a high-rate environment. If your rate is lower than current market rates, your home becomes far more attractive to buyers.
Foreclosure Avoidance Support
The VA's Loan Technicians work on your behalf if you face financial hardship. They can negotiate with lenders to explore alternatives before foreclosure a safety net no conventional loan provides.
No Prepayment Penalty
Want to pay off your loan early? Go ahead. VA loans never charge a penalty for early repayment giving you total financial flexibility to reduce your interest costs on your own schedule.
Who Qualifies
VA Loan Eligibility Requirements
Your eligibility is based on your length and type of military service. Here's a general breakdown if you're unsure, our team can verify your eligibility at no cost.
| Service Category | Minimum Service Requirement | Notes |
|---|---|---|
| Wartime Active Duty | 90 consecutive days | WWII, Korea, Vietnam, Gulf War, Post 9/11 |
| Peacetime Active Duty | 181 continuous days | Served between wartime periods |
| National Guard / Reserves | 6 years or 90 days active | Federal service counts toward eligibility |
| Post 9/11 Active Duty | 90 days or less if discharged for disability | Discharge character matters (see below) |
| Surviving Spouse | Veteran died in service or disability | Must not have remarried (some exceptions apply) |
| Currently Active Duty | 90 days of service | Statement of Service letter required from commander |
* Discharge character must be other than dishonorable. Certain situations may allow for character of discharge review, contact us to discuss your specific case.
The Process
How a VA Purchase Loan Works
From confirming eligibility to closing day, here's the path most borrowers follow typically completed in 30–45 days.
Certificate of Eligibility
We request your COE from the VA — often in minutes through the VA's automated system. This document proves your entitlement to lenders.
Pre-Qualification
We review your income, credit, and debts to determine your purchasing power and issue a pre-qualification letter to strengthen your offers.
VA Appraisal
Once you're under contract, a VA-approved appraiser confirms the home's value and minimum property requirements — protecting your investment.
Clear to Close
Underwriting reviews your full file and issues final approval. We coordinate your closing so you get the keys to your new home.
Loan Options
Types of Properties You Can Buy
VA purchase loans apply to a wider range of property types than most borrowers realize.
Single-Family Homes
The most common use of a VA loan. Buy an existing home, a newly built home, or a home in need of repair as long as it meets VA Minimum Property Requirements.
New Construction
Build your ideal home from the ground up. VA loans can cover new construction, though the builder must be VA-approved and the process involves additional steps.
Multi-Unit Properties (2–4 Units)
Purchase a duplex, triplex, or four-unit property with a VA loan as long as you occupy one unit as your primary residence. Rental income from other units can help offset your mortgage.
Condominiums
Buy a condo using your VA benefit, provided the development is VA-approved. We can quickly verify condo eligibility and guide you through the process.
Manufactured Homes
Certain manufactured homes are eligible for VA financing when they meet property requirements and are permanently affixed to a foundation. Loan terms may differ slightly.
Energy-Efficient Improvements
Roll up to $6,000 in energy-efficient upgrades like solar, insulation, windows, HVAC into your VA purchase loan without increasing your required down payment.
What You'll Need
Typical Requirements
While the VA is flexible, lenders will still evaluate your overall financial profile. Most borrowers should expect:
- ✓ Certificate of Eligibility (COE) from the VA
- ✓ Minimum credit score of 580–620 (lender-specific)
- ✓ Debt-to-income ratio ideally below 41% (flexible)
- ✓ Proof of income, pay stubs, W-2s, tax returns
- ✓ Primary residence intent (VA loans are not for investment properties)
- ✓ VA-ordered appraisal to confirm property value and condition
- ✓ Bank statements (typically last 2 months)
- ✓ Service documents DD-214 for veterans, Statement of Service for active duty
The VA Funding Fee Explained
The VA Funding Fee is a one-time charge that goes directly to the VA to sustain the program for future generations. It replaces the cost of mortgage insurance you would pay on a conventional loan.
For first-time use with no down payment: the fee is 2.15% of the loan amount. On a $300,000 loan, that's $6,450 which can be financed into your loan so you pay nothing out of pocket upfront.
Exemptions apply if: you receive VA disability compensation, are a surviving spouse of a veteran who died in service, or are receiving disability pay from the military.
Many borrowers pay zero funding fee and even those who do still come out thousands of dollars ahead compared to a conventional loan with PMI and a down payment.
Common Questions
Frequently Asked Questions
Can I use a VA loan if I've already used one before?
Yes. Your VA entitlement can be restored once a prior VA loan is paid off or the property is sold. In many cases you can even have two VA loans simultaneously if you have remaining entitlement such as when buying a new home before selling your current one.
Is there a maximum loan amount for VA loans?
Since 2020, there is no VA-imposed loan limit for veterans with full entitlement. You can borrow as much as a lender will approve. If you have partial entitlement from a previous VA loan still in use, county loan limits may apply to the remaining portion.
How long does the VA loan process take?
Most VA purchase loans close in 30–45 days comparable to conventional loans. At Quantico Mortgage, our experienced VA loan specialists streamline the process to keep things moving as efficiently as possible.
Can I use a VA loan to buy a fixer-upper?
Yes, with conditions. The home must meet VA Minimum Property Requirements at the time of closing. For major renovations, a VA Renovation Loan or a separate construction loan followed by a VA loan may be the better path we can advise on your best options.
Do I need perfect credit to qualify?
No. The VA does not set a minimum credit score, it sets character and risk guidelines instead. Most lenders that offer VA loans accept scores in the 580–620 range, and some go lower. If your credit is recovering from past challenges, we'll work with you to understand your options and timeline.
What's the difference between a VA loan and an FHA loan?
Both are government-backed, but VA loans are exclusively for military-affiliated borrowers and are significantly more generous. VA loans have no down payment requirement, no PMI, and no ongoing mortgage insurance premium of any kind. FHA loans require a minimum 3.5% down and charge mortgage insurance premiums for the life of the loan in most cases.
Ready to Use Your VA Benefit?
Our VA loan specialists are veterans and military family members themselves. We know this benefit inside and out and we're committed to making sure you get everything you've earned.
Get Pre-Qualified, It's Free Contact Us NowNo obligation. No hard credit pull to start. Results in as little as 24 hours.
