VA Purchase Loan
VA Purchase Loan
At VA Loan Today, we offer competitive interest rates on VA-backed purchase loans. Our loans can help you buy, build, or improve a home—especially if you prefer to avoid a down payment. Learn if you’re eligible and how to apply for your Certificate of Eligibility through us.
Are you eligible for a VA-backed purchase loan?
You may qualify if all of the following apply:
- You qualify for a VA-backed home loan Certificate of Eligibility (COE), which we can help you obtain
- You meet our credit, income, and other loan requirements
- You intend to live in the home you’re purchasing with the loan
Check your eligibility for a VA-backed home loan Certificate of Eligibility (COE)
Benefits: Why choose a VA-backed purchase loan from us?
Our VA purchase loans offer you:
- No down payment required as long as the sales price does not exceed the home’s appraised value
- Competitive interest rates and favorable loan terms
- The ability to borrow up to the conforming loan limit—and even more in some high-cost areas. You may borrow above the limit by making a down payment.
- Learn about VA home loan limits
- No private mortgage insurance (PMI) or mortgage insurance premiums (MIP)
- Reduced closing costs, which may be paid by the seller
- No penalty if you pay off your loan early
PMI protects lenders if you’re unable to make payments and is typically required on conventional loans with less than 20% down payment.
MIP is an insurance premium required on FHA loans.
How you can use your VA purchase loan
- Buy a single-family home, up to 4 units
- Buy a condo in a VA-approved project
- Purchase and improve a home
- Buy a manufactured home or lot
- Build a new home
- Add energy-efficient features such as solar power
You can also:
- Reuse your VA loan benefit if you sell or refinance a home you bought with a VA-backed loan
- Assume a VA-backed home loan (where the buyer takes over the seller’s loan)
- Use your VA-backed loan benefit to buy your first home or your next home
How to buy a home with a VA-backed purchase loan
Buying a home can be complex, but we’ll guide you through every step of the VA loan process to make it as smooth as possible.
See our detailed guide on buying a home with a VA-backed loan
Loan fees you should know about
As part of your loan, you may be required to pay the VA funding fee. This one-time fee helps offset the cost to U.S. taxpayers by reducing risk to lenders, since VA loans don’t require down payments or monthly mortgage insurance. In addition, you will pay interest on the loan as well as standard closing costs.
Frequently Asked Questions
What is a Certificate of Eligibility (COE)?
The COE verifies your eligibility for a VA home loan. We assist you with preparing and obtaining this important document.
Can I use my VA loan benefit multiple times?
Yes, you can reuse your VA loan benefit if you sell or refinance a home you bought with a VA-backed loan.
Is there a maximum loan amount?
The VA guarantees a portion of your loan, which affects how much we can lend. However, the VA does not set a strict maximum loan amount.
Do I have to live in the home I buy with the loan?
Yes, VA rules require that you occupy the home as your primary residence.
What if I have a service-connected disability?
If you have a service-connected disability, you may still be eligible regardless of your length of service.
Contact VA Loan Today
If you have questions or want help applying for your VA purchase loan, please reach out. We are committed to helping you make the most of your VA home loan benefits.
VA Home Loan Eligibility
At VA Loan Today, we assist veterans, active-duty service members, and eligible spouses in securing their VA Home Loan benefits. We can help you prepare and obtain your Certificate of Eligibility (COE) directly through the VA.
Eligibility Requirements:
- 90 Consecutive Days of Active Service During Wartime: Service during periods of war as defined by the VA.
- 181 Days of Active Service During Peacetime: Full-time service during non-conflict periods.
- 6 Years of Service in the National Guard or Reserves: Includes training and drill obligations.
- Surviving Spouse: Unmarried spouse of a service member who died in the line of duty or from a service-connected condition.
- Service-Connected Disability: May qualify for fee waivers and other benefits, subject to basic eligibility rules.
Key Notes:
- Certificate of Eligibility (COE): We will assist you in securing this document through our VA-authorized portal.
- Loan Limits: There are no VA-set loan limits for borrowers with full entitlement. Local loan limits may apply if partial entitlement is used.
- Home Loan Benefits: Competitive rates, no down payment, and no monthly mortgage insurance required.