Thank you for your service. Enjoy special benefits with a VA loan.
For veterans, service members, and their families- No down payment or private mortgage insurance
- Pay less on fees and closing costs
Why choose AmeriSave for a VA loan?
Lower Costs, Bigger Savings
No down payment or private mortgage insurance (PMI) and lower closing costs.
Lifetime And Family Benefits
Apply for a VA loan as often as you’d like, and certain family members are eligible.
Relaxed Credit Requirements
Get funded with a lower credit score than most other loan types.
Trusted Expertise
Over 730K clients. 23 years’ experience. One goal: helping you build a brighter future.
Smarter technology. Real numbers.
Get Personalized Loan OptionsSee your best loan options with technology that analyzes your finances in real time.
Flexible Loans And TermsPick the right loan and term that helps you achieve your unique homeownership goals.
Close Your Loan QuicklyGet approved and funded quickly, so you can enjoy your new financial freedom.
Get Personalized Loan Options
See your best loan options with technology that analyzes your finances in real time.
Flexible Loans And Terms
Pick the right loan and term that helps you achieve your unique homeownership goals.
Close Your Loan Quickly
Get approved and funded quickly, so you can enjoy your new financial freedom.
A benefit earned through service.
VA loans are guaranteed by the Department of Veterans Affairs, designed to help service members, veterans, and qualifying surviving spouses achieve homeownership with no down payment and no monthly mortgage insurance.
Obtain Your Certificate Of Eligibility
The VA-issued Certificate of Eligibility (COE) confirms you qualify for VA loan benefits. AmeriSave can help request your COE if you don't already have one on file.
Get Your VA Rate Quote
VA loans are $0 down, with rates typically lower than conventional loans for the same borrower profile. Apply online to see your personalized options.
Close On A New Home
A VA appraisal (called a Notice of Value) is required. Most VA purchases typically close in 30 to 45 days from contract to keys.
No Private Mortgage Insurance
Your monthly payment is principal, interest, taxes, and insurance. No private mortgage insurance (PMI), regardless of how little you put down.
100% financing for eligible borrowers.
VA loans are one of only two mortgage programs that allow 100% financing (USDA is the other). For eligible service members and veterans, this means buying a home without a down payment and no monthly mortgage insurance.
Who Can Use A VA Loan
The VA loan is a benefit earned through military service designed to help service members and their families achieve homeownership.
Active-Duty Service Members
Typically eligible after 90 continuous days of active service during wartime, or 181 days during peacetime.
Veterans
Discharge under conditions other than dishonorable qualifies most veterans for VA loan benefits.
National Guard And Reserves
After typically 6 years of service, or 90 days of active service during wartime.
Surviving Spouses
Spouses of service members who died in service or from service-connected disabilities may qualify.
VA loan requirements
Eligibility starts with service. Lender requirements then determine which terms you qualify for.
Issued by the VA based on your service history; proves you're eligible for the benefit.
VA has no minimum credit score, but lenders typically require 580–620+. The VA's residual income test ensures you have enough left over after housing costs.
Vary by era; typically 90 days active wartime, 181 days peacetime, or 6 years of Guard or Reserve service.
The home must be your primary residence; you typically must move in within 60 days of closing.
VA vs. Conventional Loan
Eligible veterans, service members, and surviving spouses get access to one of the most generous loan programs available with no down payment and no monthly mortgage insurance.
Pros And Cons of A VA Loan
The VA loan is arguably the most generous mortgage program in the U.S., but it comes with eligibility limits and a funding fee.
What Works In Your Favor
No Down Payment Required
True 100% financing for eligible borrowers; the only mainstream mortgage that allows zero down.
No Mortgage Insurance
Unlike FHA or conventional with under 20% down, VA loans never charge monthly mortgage insurance.
Competitive Interest Rates
VA loan rates are typically as low as or lower than conventional rates.
Flexible Underwriting
The residual income test recognizes that not all expenses fit a simple DTI calculation.
Assumable
Like FHA, VA loans may be able to be assumed by qualifying future buyers; a major advantage in a higher-rate environment.
What To Weigh Carefully
Funding Fee
A one-time fee of 1.25% to 3.3% of the loan amount applies (financeable into the loan). Waived for borrowers with service-connected disability ratings, surviving spouses receiving Dependency and Indemnity Compensation, and Purple Heart recipients on active duty.
Property Condition Requirements
The home must meet VA's Minimum Property Requirements, which can complicate purchases of fixer-uppers.
Primary Residence Only
VA loans can't be used for investment properties, though multi-unit primary residences up to four units are allowed.
Limited Entitlement Reuse
Using one VA loan reduces the entitlement available for the next; full restoration requires payoff or a one-time substitution.
Eligibility Restrictions
Only available to qualifying service members, veterans, and certain surviving spouses.
Frequently Asked Questions
A VA loan is a government-backed mortgage that veterans, active-duty service members, and surviving spouses can get. It lets them buy a home with no down payment and no need for private mortgage insurance. Continue Reading...
VA loans can be extended to active-duty service members, veterans, and National Guard or Reserve members who meet certain service period requirements. Certain surviving spouses may also qualify.
As a veteran or military spouse, here’s how you could qualify for a VA loan:
- Active-Duty Service Members: Serving members become eligible for a VA loan after completing 90 continuous days of active duty.
- Veterans: Eligibility depends on the service period; generally, veterans who served at least 90 days during wartime or 181 days during peacetime qualify.
- National Guard and Reserve Members: Eligibility is established after six years of service in the Selected Reserve or National Guard, or after 90 days of active-duty service under Title 32, Sections 316, 502, 503, 504, or 505, with at least 30 consecutive days.
- Surviving Spouses: Unremarried surviving spouses of veterans who died in service or from a service-connected disability, or spouses of service members missing in action or prisoners of war, may be eligible. Additionally, surviving spouses who remarry after age 57 and after December 16, 2003, may also qualify.
- Discharge Status: Eligibility requires a discharge status other than dishonorable. Individuals with an “other than honorable,” bad conduct, or dishonorable discharge may not be eligible; however, they can apply for a discharge upgrade or request a VA Character of Discharge review to potentially qualify.
You must live in the home you are purchasing or refinancing as your primary residence and have a Certificate of Eligibility, which you can obtain from the Office of Veterans Affairs. You must also meet income requirements to show you can meet the expected monthly obligations and have a credit score of 600 or better, depending on the loan amount (640 for loans of $700,000 or more.)
With VA home loans, the VA guarantees a portion of your loan so that lenders can offer you zero down payment, competitive rates, and no PMI. You still borrow from a regular lender, but with the government’s backing, you get special mortgage treatment while focusing on your next chapter instead of scraping together a down payment.
The U.S. Department of Veterans Affairs (VA) guarantees these loans, which private mortgage lenders — including AmeriSave — offer to United States military members.
VA loans are often the best mortgage option available for veterans and could help you secure a lower rate than a conventional loan. You may have other mortgage options for which you qualify, such as a home loan backed by the Federal Housing Authority (FHA) if you meet income requirements. To find the best loan for you, contact one of our Loan Experts, who will gladly review the criteria and benefits of different types of government-backed loans and make a recommendation.
Every mortgage lender has different criteria and loan and interest rate options. AmeriSave will customize a loan that meets your needs and qualifications, with the best interest rate and lowest down payment possible. Getting mortgage preapproval shows sellers and real estate agents proof you can afford the homes you’re shopping for.
You may need to pay the VA funding fee, which is a one-time fee, and certain closing costs. Because the VA home loan program doesn’t require home buyers to make down payments or carry monthly PMI, the VA funding fee helps lower the program’s cost to taxpayers. Those who have a service-connected disability and are eligible for VA compensation are not required to pay the fee.
Military veterans have two options to refinance a veteran home loan. The IRRRL (Interest Rate Reduction Refinance Loan) is a faster way to swap your existing VA loan for one with better rates thanks to minimal paperwork and no appraisal headaches. If you need cash, a VA cash-out refinance lets you access your home’s equity while possibly getting better terms.
Bonus entitlement enables borrowers to have more than one VA loan outstanding at a time. Such loans may require you to make a down payment, depending on the loan amount and home price.
VA loan guidelines are more lenient than conventional loans regarding bankruptcy and foreclosure. If you filed for bankruptcy and it was discharged more than two years ago, you may still be eligible for a VA loan. If your bankruptcy was related to a business you owned, you may be eligible for a VA loan in as little as 12 months after discharging the bankruptcy. Likewise, a home foreclosure does not necessarily disqualify you from VA home loan eligibility. If you foreclosed on a home two or more years ago, it should not affect your ability to apply for a VA home loan.