VA Loan Benefits: Zero Down Payment and No PMI

Why VA Loans Are the Best Deal in Mortgages

If you are eligible, VA loans offer unmatched benefits: zero down payment, no monthly mortgage insurance, competitive interest rates, and no prepayment penalties.

Eligibility

Active duty (90+ days during wartime, 181+ days peacetime), veterans, National Guard/Reserves (6+ years), and surviving spouses of service members who died in service.

VA Funding Fee

Instead of PMI, VA loans charge a one-time funding fee: 2.15% for first-time use (1.25% with 5%+ down). This can be rolled into the loan. Disabled veterans are exempt.

No Loan Limit

As of 2020, VA loans have no maximum loan amount for eligible borrowers with full entitlement. However, lenders may have their own limits.

Compare VA loan payments across states: see all states.