🇺🇸 VA Loan Cheat Sheet

Everything Veterans & Active-Duty Service Members Need to Know

Equal Housing Opportunity

What Is a VA Loan?

A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, designed exclusively for eligible Veterans, active-duty service members, National Guard, Reservists, and qualifying surviving spouses. Private lenders fund the loan—the VA guarantees a portion, which lets lenders offer better terms.


Top Benefits

  • $0 Down Payment — 100% financing on most purchases.
  • No PMI — No private mortgage insurance, ever.
  • Competitive Interest Rates — Typically lower than conventional.
  • Flexible Credit Requirements — More forgiving DTI and credit profiles.
  • Reusable Benefit — Use it more than once in your lifetime.
  • Limited Closing Costs — VA caps what lenders can charge.
  • No Prepayment Penalty — Pay it off early, no fees.

Eligibility Snapshot

Active Duty90+ continuous days of service
Veterans181 days peacetime / 90 days wartime
National Guard & Reserves6 years of service OR 90 days active under Title 32
Surviving SpousesMay qualify if spouse died in service or from service-connected disability
📄 You'll need a Certificate of Eligibility (COE). Your lender can pull it in minutes through the VA portal.

The VA Funding Fee

A one-time fee paid to the VA to keep the program running (no taxpayer cost). It can be rolled into the loan.

  • First-time use, 0% down: 2.15%
  • Subsequent use, 0% down: 3.3%
  • 5%–10% down: reduced rates apply
  • Waived for Veterans with service-connected disabilities, Purple Heart recipients, and qualifying surviving spouses

Loan Limits & Entitlement

Since 2020, there's no VA loan limit for borrowers with full entitlement. You can borrow as much as a lender will approve based on income and credit—zero down.

Property Requirements

  • Must be your primary residence (not investment).
  • Property must pass a VA appraisal with Minimum Property Requirements (MPRs).
  • Eligible properties: single-family, condos (VA-approved), multi-unit (up to 4, owner-occupied), manufactured homes (with restrictions).

VA Loan Types

Purchase LoanBuy a primary residence with $0 down.
IRRRL (Streamline Refi)Lower your rate with minimal paperwork.
Cash-Out RefinanceTap home equity up to 100% LTV.
Native American Direct Loan (NADL)For eligible Native American Veterans.

Common Myths — Busted

  • Myth: VA loans take forever. Truth: Close in 30–45 days, same as conventional.
  • Myth: Sellers don't like VA offers. Truth: A well-structured VA offer is just as competitive.
  • Myth: You can only use it once. Truth: Reusable—and restorable.
  • Myth: VA loans have high rates. Truth: They're typically lower than conventional.

Ready to Use Your Benefit?

📞 Call/Text: 7066395907
📧 Email: mark@bestloans4me.com
🌐 Apply online: bestloans4me.com/applyMark