What is your military status?

VA loans offer $0 down payment, no private mortgage insurance (PMI), competitive interest rates (typically 0.25–0.5% lower than conventional), limited closing costs, and no prepayment penalties. They’re available to active duty, veterans, Guard/Reserve members, and eligible surviving spouses.

The VA itself sets no minimum credit score. However, most lenders require 620–640. Some VA-specialized lenders accept scores as low as 580. The VA’s guaranty makes lenders more willing to work with lower credit profiles.

The VA funding fee is a one-time charge (1.25–3.3% of the loan amount) that funds the VA loan program. It varies by down payment amount and whether it’s your first VA loan. Disabled veterans and surviving spouses are exempt. The fee can be rolled into the loan.

VA loans require owner-occupancy — you must intend to live in the home as your primary residence. However, you can have multiple VA loans simultaneously if you have remaining entitlement, and you can rent out a previous VA-financed home after moving.

The Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline, lets existing VA borrowers refinance to a lower rate with minimal paperwork — no appraisal, no income verification, and no out-of-pocket costs in most cases.