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    VA Loan Guide

    VA Loan Benefits

    Discover why VA loans are one of the most powerful mortgage benefits available to Veterans and service members
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    Military veteran couple standing proudly in front of their ranch-style home with American flag
    Key Benefits

    Key VA Loan Advantages

    VA loans offer unmatched benefits that make homeownership more accessible and affordable for those who served. Learn about eligibility requirements to see if you qualify.

    No Down Payment Required

    Purchase a home with $0 down up to the VA loan limit

    100% financing available for qualified buyers—no need to save for years to buy a home.

    No Private Mortgage Insurance (PMI)

    Save hundreds per month compared to conventional loans

    Conventional loans under 20% down require PMI, typically $100-300/month. VA loans never require PMI.

    Lower Interest Rates

    Typically 0.5-1% lower than conventional mortgages

    VA backing reduces lender risk, resulting in more competitive rates that save you thousands over the loan term.

    Flexible Credit Requirements

    More lenient qualification standards

    While conventional loans often require 620+ credit scores, VA loans may approve borrowers with lower scores.

    Reusable Benefit

    Use your VA loan benefit multiple times

    Your entitlement restores after paying off the loan, allowing you to use VA financing again and again.

    Limits on Closing Costs

    Seller can pay up to 4% toward closing costs

    VA limits the fees you can be charged and allows sellers to cover costs, reducing your out-of-pocket expenses.

    Real Savings

    Real Savings Example

    $400,000 Home Purchase Comparison

    VA Loan

    Down Payment: $0

    Monthly PMI: $0

    Est. Rate: 6.0%

    Monthly Payment: ~$2,398

    Conventional Loan (5% down)

    Down Payment: $20,000

    Monthly PMI: ~$200

    Est. Rate: 6.5%

    Monthly Payment: ~$2,600

    Total Savings with VA Loan:

    • Immediate savings: $20,000 (no down payment)
    • Monthly savings: ~$200
    • Annual savings: ~$2,400
    • 30-year savings: $72,000+
    Comparison

    VA Loan vs. Other Loan Types

    See how VA loans stack up against conventional and FHA mortgages.

    FeatureVA LoanConventionalFHA
    Down Payment0%3-20%3.5%
    Mortgage InsuranceNoneRequired (< 20% down)Required (lifetime)
    Interest RateLowerHigherModerate
    Credit Score MinNo VA minimum (Valor: 500+)620-640580

    For a detailed comparison, visit our VA vs Conventional vs FHA comparison page.

    Ready to Use Your VA Loan Benefits?

    Start your journey to homeownership with the benefits you've earned

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    FAQs

    Frequently Asked Questions

    Quick Answer

    The core VA loan benefits are $0 down payment, no monthly mortgage insurance (PMI), competitive fixed rates, flexible credit standards (Valor Home Mortgage works with scores as low as 500), and a reusable benefit you can use more than once. At Valor Home Mortgage in San Antonio, TX, VA buyers also pay zero lender fees and close in about 21 days on average.

    No down payment up to your entitlement, no private mortgage insurance, competitive interest rates, limits on the closing costs a veteran can be charged, no prepayment penalty, and the ability to reuse the benefit for future homes. VA loans are also assumable by a qualified buyer, which can be valuable when rates rise.

    Yes. With full entitlement, qualified veterans and active-duty service members can finance 100% of the purchase price. A down payment is only needed if you have reduced entitlement or the price exceeds what your entitlement supports.

    The Department of Veterans Affairs guarantees a portion of each loan, so lenders do not need private mortgage insurance to offset risk. That typically saves a San Antonio buyer $100-$300 per month compared with a conventional loan under 20% down.

    Yes. Entitlement is restored when you sell the home and pay off the loan, and remaining entitlement can be used for a second property in some cases. Many JBSA families use the benefit again after a PCS move.

    The VA sets no minimum score. Most lenders require 580-620. Valor Home Mortgage regularly approves VA loans down to a 500 FICO when residual income, payment history, and compensating factors support the file.

    For an eligible veteran, almost always. FHA requires 3.5% down and charges mortgage insurance for the life of most loans; a VA loan needs $0 down and never charges monthly mortgage insurance. On a $350,000 San Antonio purchase that difference is often more than $200 a month plus about $12,250 in down payment.

    Yes. Active-duty service members typically qualify after 90 continuous days of service during wartime or 181 days during peacetime. We pull your Certificate of Eligibility from your statement of service, so you do not have to chase paperwork between duty days.

    No. VA home loan eligibility does not expire and there is no limit on how many times you can use it over a lifetime, as long as entitlement is available or restored after a prior loan is paid off.
    Reviewed by Jonathan Mullins, Founder & Mortgage Loan Originator, NMLS #94015Last updated