VA loans provide $0 down payment, no PMI, competitive rates, and flexible credit requirements for veterans, active-duty service members, and surviving spouses. The VA funding fee (1.25–3.3%) is the only upfront cost, and it is waived for veterans with a service-connected disability. Dustin Carlson (NMLS #193009) is a VA loan specialist — call (281) 939-5191.
- 0% down payment required — eligible veterans can finance 100% of the purchase price
- No mortgage insurance ever — saves hundreds per month vs. FHA or conventional with <20% down
- VA Funding Fee is waived entirely for veterans with 10%+ service-connected disability rating
- No loan limit with full entitlement — veterans can buy million-dollar homes with $0 down
- VA IRRRL streamline refinance offers easy rate reduction with minimal paperwork
- VA loans typically carry rates 0.25–0.5% below conventional market rates
A VA loan is a mortgage benefit earned through military service, backed by the U.S. Department of Veterans Affairs, that allows eligible veterans and active-duty service members to purchase a home with 0% down payment, no mortgage insurance and no loan limit (with full entitlement). VA loans consistently offer rates 0.25–0.5% below conventional market rates.
For those who have served our country, the VA Home Loan benefit is one of the most powerful financial tools available. With no down payment requirement, no private mortgage insurance, competitive interest ratesand flexible qualification standards, VA loans often beat every other program — including conventional with 20% down.
What Is a VA Loan?
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Dustin Carlson · NMLS #193009 · First Colony Mortgage · NMLS #3112
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A VA loan is a mortgage benefit earned through military service, backed by the U.S. Department of Veterans Affairs. The VA guarantees a portion of the loan, reducing lender risk and enabling veterans to access exceptional financing terms without a down payment.
VA loans are originated by private lenders like First Colony Mortgage — not by the VA itself. The VA's guaranty protects the lender if the borrower defaults, which is why lenders can offer such favorable terms.
Who Is Eligible for a VA Loan?
VA loan eligibility is based on service history:
- Active Duty: 90 continuous days of service
- Veterans (wartime): 90 days active service, any part during wartime
- Veterans (peacetime): 181 days active service
- National Guard / Reserves: 6 years of service or 90 days under Title 32 orders
- Surviving Spouses: Unremarried spouses of veterans who died in service or from service-related disability
You'll need a Certificate of Eligibility (COE) to use your VA benefit. Dustin can help obtain this automatically through VA systems — no paperwork maze required.
Core VA Loan Benefits
| Benefit | VA Loan | Conventional Loan |
|---|---|---|
| Down Payment | 0% required | 3–20% typically |
| Mortgage Insurance | None ever | PMI if <20% down |
| Interest Rates | Typically 0.25–0.5% below market | Market rate |
| Loan Limits | No limit with full entitlement | $832,750 conforming |
| Foreclosure Protection | VA assistance available | Standard |
| Credit Score Min. | 620 (Dustin's minimum) | 620–640 typically |
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
VA Funding Fee
The VA Funding Fee is a one-time fee paid to the VA (not a lender fee) that helps fund the VA loan program. It can be rolled into the loan — so no out-of-pocket cost at closing.
| Borrower Type | Down Payment | First Use | Subsequent Use |
|---|---|---|---|
| Regular Military | 0–4.99% | 2.15% | 3.30% |
| Regular Military | 5–9.99% | 1.50% | 1.50% |
| Regular Military | 10%+ | 1.25% | 1.25% |
| Reserves / Guard | 0–4.99% | 2.30% | 3.60% |
| Disabled Veterans | Any | EXEMPT — Fee Waived | |
| Surviving Spouses | Any | EXEMPT — Fee Waived | |
🎖 Fee Waiver: Veterans with a service-connected disability rating of 10% or higher have the VA Funding Fee completely waived, saving thousands at closing.
VA Jumbo Loans — $0 Down on Luxury Homes
With full VA entitlement (meaning you've never used your VA benefitor have fully restored it), there is no maximum loan limit. Veterans can purchase million-dollar homes with zero down payment — something no other mortgage program offers.
For veterans with remaining or partial entitlement, loan amounts above the county conforming limit ($832,750 in most areas) may require a small down payment, calculated as 25% of the amount exceeding the limit.
VA IRRRL — Streamline Refinance
The VA Interest Rate Reduction Refinance Loan (IRRRL) — often called the VA Streamline Refinance — lets you refinance an existing VA loan to a lower rate with minimal paperwork. No appraisal required in most cases, no income verification in many casesand closing costs can be rolled into the new loan.
Use Your VA Benefit — You Earned It
Dustin Carlson has helped hundreds of veterans and active-duty service members use their VA benefit across the nation. Get a no-obligation pre-qualification in 90 minutes —
Get Your No-Obligation VA Pre-Qualification →Dustin Carlson NMLS #193009 · First Colony Mortgage Corporation NMLS #3112