What Is a VA Loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses. The VA guarantee means lenders can offer better terms than conventional loans — including zero down payment and no private mortgage insurance.
VA Loan Benefits: Why They're Exceptional
- No down payment required — Buy a home with $0 out of pocket
- No PMI — Save 0.5–1.5% of your loan amount annually
- Competitive interest rates — Often lower than conventional loans
- Flexible credit requirements — Most lenders accept scores as low as 580
- Seller can pay all closing costs — Negotiable in many markets
- No prepayment penalty — Pay off early without fees
- Lifetime benefit — Use it more than once
Who Is Eligible for a VA Loan?
You may be eligible if you meet one of the following service requirements:
- 90 consecutive days of active service during wartime
- 181 days of active service during peacetime
- 6 years of service in the National Guard or Reserves
- You are the surviving spouse of a service member who died in the line of duty
The VA Funding Fee
VA loans don't require PMI, but they do include a one-time VA funding fee — typically 1.25% to 3.3% of the loan amount, depending on your down payment and whether you've used your VA benefit before. This fee can be rolled into the loan or paid upfront. Veterans with service-connected disabilities are exempt from this fee.
VA Loan Limits in 2025
Since 2020, there are no VA loan limits for eligible borrowers with full entitlement. This means you can borrow as much as a lender will approve without needing a down payment, regardless of the loan amount. This is a significant advantage in high-cost markets.
How to Apply for a VA Loan
- Obtain your Certificate of Eligibility (COE) from the VA or through your lender
- Get pre-qualified with a VA-approved lender like True Equity Line
- Find your home and make an offer
- Complete VA appraisal and underwriting
- Close and move in
VA IRRRL: The Streamline Refinance for Veterans
Already have a VA loan? The Interest Rate Reduction Refinance Loan (IRRRL) — also called the VA Streamline Refinance — lets you lower your rate with minimal paperwork, no appraisal in most cases, and reduced fees. It's one of the simplest refinance products available.
Thank You for Your Service
At True Equity Line, we specialize in VA loans and have helped thousands of veterans achieve homeownership. Our VA loan specialists understand the unique process and will guide you through every step. Apply today and get a rate quote in minutes.