If you've served in the military, the VA home loan program is one of the most powerful financial benefits available to you. With no down payment, no private mortgage insurance, competitive rates, and no loan limits for those with full entitlement, a VA loan is often the best mortgage option on the market — period.
🇺🇸 VA Loan Eligibility: Active duty (90+ days), veterans (varies by era), National Guard and Reserve members (6+ years or federal activation), and surviving spouses of veterans who died in service or from service-connected disability.
Who Is Eligible for a VA Loan?
VA loan eligibility is determined by your length and type of service. Most veterans who served 90+ days of active duty qualify. Specific requirements vary by service era — your Certificate of Eligibility (COE) confirms your entitlement. Dustin can pull your COE in minutes during the pre-qualification process.
Core VA Loan Benefits
| Feature | VA Loan | Conventional Loan |
|---|
| Down Payment | 0% | 3–20% |
| PMI Required | Never | Yes, if <20% down |
| Loan Limits | None (full entitlement) | $832,750 conforming |
| Minimum Credit Score | 640 at First Colony Mortgage | 620–660 typically |
| Interest Rates | Typically lowest available | Market rate |
| Assumable | Yes | No |
No PMI — Ever
On a conventional loan with less than 20% down, you'll pay PMI — typically 0.5–1.5% of the loan balance annually. On a $400,000 loan, that's $2,000–$6,000 per year. VA loans eliminate this cost entirely, which can save tens of thousands over the life of the loan.
No Loan Limits With Full Entitlement
As of 2020, VA eliminated loan limits for borrowers with full entitlement. This means a veteran can finance a $2 million home with 0% down — the only requirement is sufficient income to qualify. Partial entitlement (if you have an active VA loan) may affect the zero-down threshold.
VA Funding Fee
The VA funding fee is a one-time charge that funds the VA home loan program. It ranges from 0.5% to 3.6% of the loan amount and can be rolled into your loan balance:
| Down Payment | First Use | Subsequent Use |
|---|
| 0% | 2.15% | 3.30% |
| 5%–9.99% | 1.50% | 1.50% |
| 10%+ | 1.25% | 1.25% |
| Cash-out refinance | 2.15% | 3.30% |
| IRRRL (rate reduction) | 0.50% | 0.50% |
Exempt from funding fee: Veterans receiving VA disability compensation, surviving spouses of veterans who died in service or from service-connected disability, and some active duty members.
VA Jumbo Loans — 0% Down on High-Value Homes
VA loans are uniquely powerful for luxury and high-value purchases. With full entitlement, veterans can purchase a $1.5 million home with zero down payment. No conventional program — and no other government-backed program — comes close to this benefit.
VA Loan Assumability
VA loans are assumable — meaning a qualified buyer (including non-veterans in many cases) can take over your existing VA loan at your current interest rate. If you have a 3% VA loan from 2021, a buyer could assume that rate rather than getting a new loan at today's higher rates. This is a significant negotiating advantage when selling your home.
Check Your VA Eligibility in 90 Minutes
Dustin has helped hundreds of veterans use their VA benefit to buy, refinance, and build wealth. Let's get your Certificate of Eligibility and pre-qualification today.
Start My VA Pre-Qualification →
Dustin Carlson NMLS #193009 · First Colony Mortgage NMLS #3112
Dustin Carlson · Loan Officer
NMLS #193009 · First Colony Mortgage NMLS #3112 · 25+ Years Experience · 6,000+ Loans Funded