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    Loan Options

    Types of VA Loans

    Discover all the ways a VA loan can help you purchase, refinance, or renovate your home—no down payment required
    ✓Veteran-Owned
    ✓Top 1% Nationwide
    ✓2,500+ Families Served
    Loan Options

    VA Loan Types Available

    VA Purchase Loan

    The most common type of VA loan, used to purchase a primary residence with no down payment required.

    • No down payment required
    • Competitive interest rates
    • No private mortgage insurance (PMI)
    • Flexible credit requirements
    • Can be used for single-family homes, condos, and multi-unit properties

    VA IRRRL (Streamline Refinance)

    Interest Rate Reduction Refinance Loan helps lower your interest rate with minimal documentation.

    • Streamlined application process
    • Lower interest rates
    • Minimal documentation required
    • No appraisal needed in most cases
    • Can refinance closing costs into the loan

    VA Cash-Out Refinance

    Tap into your home's equity by refinancing for more than you owe and receiving the difference in cash.

    • Access home equity for any purpose
    • Consolidate high-interest debt
    • Finance home improvements
    • Up to 100% loan-to-value available
    • No PMI required

    VA Renovation Loan

    Finance both the purchase and renovation costs in a single loan for fixer-upper properties.

    • One loan for purchase and renovations
    • No down payment required
    • Improve property value
    • Energy-efficient improvements encouraged
    • Simplified closing process

    Native American Direct Loan (NADL)

    Specialized VA loan for eligible Native American veterans purchasing on Federal Trust Land.

    • Direct loan from the VA
    • For homes on Federal Trust Land
    • No down payment required
    • Competitive interest rates
    • No PMI required

    Adapted Housing Grants

    Special grants for veterans with service-connected disabilities to modify or purchase adapted homes.

    • For veterans with service-connected disabilities
    • Grants (not loans) up to $101,754
    • Can be used to adapt existing home
    • Or purchase specially adapted housing
    • No repayment required

    Ready to Choose Your VA Loan?

    Our VA loan experts will help you find the perfect loan type for your situation

    FAQs

    Frequently Asked Questions

    Quick Answer

    There are five main VA loan types: the VA purchase loan, the VA IRRRL (streamline refinance), the VA cash-out refinance, the VA one-time-close construction loan, and the VA jumbo loan for higher-priced homes. Valor Home Mortgage originates all five for San Antonio and JBSA military families.

    VA purchase loans, Interest Rate Reduction Refinance Loans (IRRRL), VA cash-out refinances, VA one-time-close construction loans, VA jumbo loans, and VA-eligible energy efficient mortgage add-ons.

    The Interest Rate Reduction Refinance Loan is a streamline refinance of an existing VA loan. It generally requires no appraisal and no income documentation, and carries a reduced 0.5% funding fee.

    Yes. A VA cash-out refinance allows you to tap home equity, often up to 100% of the home's value depending on lender guidelines, and can also be used to refinance a non-VA loan into a VA loan.

    Yes. The VA one-time-close construction loan finances the build and the permanent mortgage in a single closing with one set of costs and one locked rate.

    Single-family homes, VA-approved condos, 2-4 unit properties when you occupy one unit, manufactured homes on permanent foundations, and new construction. The home must be your primary residence.

    An IRRRL, or Streamline, lowers the rate on an existing VA loan with minimal documentation and usually no appraisal, but returns no cash. A VA cash-out refinance requires full underwriting and an appraisal and can pay off a non-VA loan or return equity as cash.

    Yes. VA financing covers one- to four-unit properties as long as you occupy one unit as your primary residence. This is a common strategy near JBSA, where the other units help cover the payment when you PCS.

    VA does allow manufactured-home and lot financing, but investor appetite is limited and requirements are strict, including permanent foundation and title elimination. We tell you up front whether a specific property is financeable before you write an offer.
    Related Resources

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    Reviewed by Jonathan Mullins, Founder & Mortgage Loan Originator, NMLS #94015Last updated