VA Loans
For those who’ve served our country, the VA Loan offers a powerful pathway to homeownership. Backed by the U.S. Department of Veterans Affairs, this loan program helps eligible veterans, active-duty service members, and certain military families buy a home with no down payment, competitive rates, and no private mortgage insurance.
Since 1944, VA loans have helped over 29 million military families achieve their homeownership goals—offering the respect, support, and financial flexibility our service members deserve.
What is a VA Loan?
A VA loan is a mortgage loan offered through VA-approved lenders and guaranteed by the U.S. Department of Veterans Affairs. Designed to honor the sacrifices made by military members, this benefit-rich loan option allows qualified borrowers to finance up to 100% of their home’s value—with no down payment or mortgage insurance required.
VA loans can be used to buy, build, improve, or refinance a home—and the eligibility extends to veterans, active-duty personnel, National Guard members, and eligible surviving spouses.
Is a VA Loan Right for You?
A VA loan might be a great fit if:
It might not be the best fit if you're not eligible for VA benefits, you’re purchasing an investment property, or you want a loan type without the VA funding fee.
How VA Loans Work
VA loans are known for their flexible credit requirements, competitive rates, and cost-saving features that set them apart from other mortgage options.
Key features of VA loans:
- No down payment required - VA loans allow eligible buyers to purchase a home with no money down.
- No mortgage insurance (PMI) - Borrowers are not required to pay private mortgage insurance, which helps reduce monthly costs.
- Low interest rates - VA loans typically offer lower interest rates compared to conventional loans.
- Easier underwriting guidelines - Flexible credit and income requirements make qualifying for a VA loan more accessible.
- Relaxed property standards - Homes must meet basic safety and livability standards but do not have to abide by strict criteria.
- Available for refinancing through the VA IRRRL - Eligible borrowers can easily refinance to a lower rate with minimal paperwork through the VA IRRRL program.
| Feature | VA Loan | Conventional Loan |
|---|---|---|
| Down Payment | Not Required | Typically required unless 20% down |
| Credit Score | More flexible requirements | Typically 620+ |
| Mortgage Insurance | Not required | Required if <20% down |
| Underwriting Guidelines | More lenient | Standard |
| Property Standards | Relaxed | May be stricter |
The VA Loans Process
Here's a high-level look at how the VA loan process typically works:
- Get your Certificate of Eligibility (COE) through the VA or your lender
- Apply for a VA loan with an approved lender like Sirva Mortgage
- Submit financial documentation (though less intensive than conventional loans)
- Receive favorable loan terms with no PMI, even with a lower credit score
- Close on your home with little or no money down
If you already have a VA loan, refinancing with a VA IRRRL (Interest Rate Reduction Refinance Loan) can help you lock in a lower interest rate - without the hassle.
Benefits of a VA IRRRL:
- No home appraisal required
- No employment or income verification needed
- No credit score requirement
- Reduced VA funding fee (just 0.50% of the new loan amount)
- Simple and fast closing process
