I'll say it plainly: the VA loan is one of the most powerful mortgage tools in existence, and it's available exclusively to people who've earned it through military service. If you're a veteran, active duty service member, or qualifying surviving spouse, this benefit deserves your full attention before you look at anything else.
You'll need a Certificate of Eligibility (COE). I can often pull it directly through the VA's automated system during the pre-approval process.
You can purchase a home with no down payment at all. In California, Arizona, Washington and other high-cost markets, you can buy a $700,000 or $800,000 home without putting a single dollar down. No other mainstream loan product comes close.
Conventional loans require PMI when you put less than 20% down. FHA loans require mortgage insurance for the life of the loan. VA loans have no monthly mortgage insurance premium at all — saving borrowers hundreds of dollars per month.
VA loans consistently offer some of the lowest interest rates available. Because the VA partially guarantees the loan, lenders take on less risk, and that benefit gets passed along to you.
The funding fee helps sustain the program for future borrowers and can be rolled into the loan:
Some borrowers are exempt entirely, including veterans receiving VA disability compensation.
A well-prepared VA offer — pre-approved, with a strong agent and a knowledgeable lender — is absolutely competitive. The key is working with people who understand the VA process.
If you sell a home and pay off your VA loan, your full entitlement is restored. Don't assume you've used it up — the rules have nuance worth discussing.
I'm licensed in eleven states and have helped many veterans and active duty families use their VA benefit. If you have questions about whether you qualify, I'm happy to talk it through.
