VA Home Loan Benefits
The VA Home Loan is one of the most powerful benefits available to veterans. Disabled veterans get even more.
Zero Down Payment
No down payment required for VA home loans up to the conforming loan limit. This can save you tens of thousands of dollars compared to conventional mortgages.
Funding Fee Waiver
Veterans with a VA disability rating of any percentage are exempt from the VA funding fee—which is typically 2.15% to 3.3% of the loan amount. On a $400K loan, that's over $8,500 saved.
No PMI
Unlike conventional loans with less than 20% down, VA loans never require Private Mortgage Insurance (PMI), saving you hundreds per month.
IRRRL — Streamline Refinance
Already have a VA loan? The Interest Rate Reduction Refinance Loan (IRRRL) allows you to lower your rate with minimal documentation and no appraisal in most cases.
Does Any Disability Rating Qualify for the Funding Fee Waiver?
Yes. If you receive VA disability compensation for a service-connected disability at any rating (10%, 20%, etc.), you are exempt from the VA funding fee. You must provide your Certificate of Eligibility (COE) showing your disability status.
This exemption applies to purchase loans, cash-out refinances, and IRRRL refinances. If you paid the funding fee in the past and later received a disability rating with an effective date before the loan, you may be entitled to a refund.
VA Loan vs. Conventional Loan
| Feature | VA Loan | Conventional |
|---|---|---|
| Down Payment | 0% | 3-20% |
| PMI Required | Never | If < 20% down |
| Funding Fee (Disabled Vet) | Waived | N/A |
| Competitive Interest Rates | Yes | Yes |
| Credit Requirements | Flexible | Strict |