VA Loan Requirements | What Is a VA Loan and Who Qualifies?
- By Jim Blackburn
- on
- Buy A House, Military / Veteran, No PMI, VA Loans, Zero Down Payment
1. A VA Loan Is Guaranteed by the U.S. Department of Veterans Affairs
A VA loan is a government-backed mortgage that provides exclusive benefits for veterans, active-duty service members, and eligible surviving spouses.
The U.S. Department of Veterans Affairs (VA) guarantees the loan, which means lenders are more likely to offer favorable terms with lower risks.
Key benefits of VA loans include:
- No down payment required
- No Private Mortgage Insurance (PMI), which can save you money every month
- Competitive interest rates and more flexible loan terms
These features make a VA loan one of the most affordable mortgage options for those who qualify.
See exactly how much these benefits save you every month. Calculate your VA Purchase Loan Payment now to compare zero down payment, no PMI, and competitive rates—and see your complete monthly housing costs.
2. Who Qualifies for a VA Loan?
To qualify for a VA loan, you must be one of the following:
Veterans who served in active duty
Active-duty service members
Surviving spouses of veterans who passed away in service or due to service-related disabilities
Each group has specific eligibility criteria, so it’s important to check the VA guidelines or speak to a VA-approved lender for details. The eligibility is generally based on your length of service and discharge status, among other factors.
Not sure how much VA loan benefit you have available? Calculate your VA Entitlement now to find out your maximum loan amount and whether you can use your benefit for a second home or investment property.
3. VA Loans Offer More Flexible Terms and Lower Costs Than Conventional Loans
For those who qualify, VA loans offer significant advantages over conventional loans:
No down payment: This is a huge benefit, especially for first-time homebuyers who may not have saved enough for a traditional down payment. No PMI: Unlike conventional loans, you don’t have to pay PMI, which means lower monthly payments. Lower interest rates: The VA loan program typically offers competitive interest rates, which can save you money over the life of the loan.
If you meet the eligibility criteria, a VA loan could be a fantastic way to purchase a home with fewer financial barriers.
Want to see the real savings compared to a conventional loan? Calculate your Compare 2 Rates (Interest Costs) now to compare VA loan benefits against conventional financing and see how much you’ll save with zero down payment and no PMI.
Planning to build your dream home? Calculate your VA New Construction Loan Payment now to explore how VA benefits apply to new construction projects with zero down payment.
Ready to See If You Qualify for a VA Loan? Let’s Get You on the Path to Homeownership
At Stairway Mortgage, we’re committed to helping veterans and active-duty service members achieve their homeownership dreams—so you can enjoy the benefits you’ve earned.
📘 Download our homebuyer guides about VA loan benefits and eligibility.
📊 Check Current Rates for VA loans today.
🧮 Calculate your benefits with our VA Entitlement Calculator.
🏠 Explore all VA options on our Buy a House page.
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