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    VA Home Loan

    $0 down. No PMI. Use it again + again.

    Senior VA loan benefits

    • $0 down payment required.
    • NO private mortgage insurance (PMI).
    • Lower rates than conventional.
    • Easier qualification.
    • Use multiple times in lifetime.
    • Can downsize using VA loan.
    • Can buy condo if VA-approved.
    • Refi existing mortgage with IRRRL.

    Eligibility

    • 90+ days active duty wartime, or 181 days peacetime.
    • 6+ years National Guard / Reserves.
    • Surviving spouses (un-remarried).
    • Honorable / general discharge.
    • Get Certificate of Eligibility (COE) at VA.gov.
    • VA-approved lender required.

    IRRRL — refinance simply

    • Interest Rate Reduction Refinance Loan.
    • Refi existing VA loan to lower rate.
    • NO appraisal usually.
    • NO income verification usually.
    • Closing costs rolled into loan.
    • Often closes in 30 days.
    • Easiest refi available.

    Cash-out refi

    • Up to 100% of home value (vs 80% conventional).
    • Pay off credit cards, do home repairs.
    • Lower rates than home equity loan.
    • Caution — using equity should be careful.
    • Don't blow on consumables.

    Funding fee

    • One-time fee 1.25-3.3% of loan.
    • Can be rolled into loan.
    • WAIVED if disability rating 10%+.
    • Always check eligibility — many qualify, don't know.
    • Surviving spouses also waived.

    Disability + property tax exemption

    • Many states give 100% disabled vets full property tax exemption.
    • Florida, Texas, others — major savings.
    • Check your state's rules.
    • $3,000-15,000/yr savings possible.
    • Apply through county assessor.
    • Plus VA-disability monthly compensation tax-free.

    Find a VA loan specialist

    Veterans United — top VA lender. Navy Federal Credit Union — vets only. USAA — military families. Get 3 quotes — rates vary 0.5%+. Watch for "teaser" rates that adjust. Senior tip: prefer fixed-rate over adjustable. Compare on bankrate.com.