A benefit for eligible military borrowers
VA Loans
VA loans are guaranteed by the U.S. Department of Veterans Affairs and are available to eligible veterans, active-duty service members and certain surviving spouses.
VA at a glance
Understand the role this mortgage can play before comparing the numbers.
Potential advantages
Why a borrower may put VA on the shortlist.
- ✓No down payment may be required for eligible transactions
- ✓No monthly private mortgage insurance
- ✓Flexible refinancing options may be available
- ✓Competitive program terms for qualified borrowers
Important tradeoffs
What deserves a closer look before choosing it.
- !A VA funding fee may apply unless the borrower is exempt
- !Occupancy and property eligibility requirements apply
- !Borrowers must obtain a valid Certificate of Eligibility
HMCO comparison point
Compare payment, cash to close, mortgage insurance, fees, flexibility and expected time in the loan—not only the advertised rate.
Side-by-side mortgage comparison
See how VA differs from nearby options.
These high-level differences help organize the conversation. Your actual Loan Estimates and lender guidelines control the final terms.
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VA
Military home loan benefit
Alternative
Conventional
Flexible mainstream financing
Explore Conventional ↗
Alternative
FHA
Government-insured financing
Explore FHA ↗
Best-known use
Eligible veterans, service members and certain surviving spouses
Primary homes, second homes and eligible investment properties
Eligible owner-occupied primary residences
Down-payment approach
No down payment may be required for eligible transactions
Low-down-payment options may be available for eligible borrowers
Lower down-payment options may be available for eligible borrowers
Mortgage insurance or fees
No monthly private mortgage insurance; a funding fee may apply
Private mortgage insurance may apply and may later be removable
Upfront and annual FHA mortgage insurance generally apply
Income review
Documented ability-to-repay review plus current VA eligibility
Traditional income, employment, asset and credit documentation
Documented income and ability-to-repay review with FHA guidelines
Property flexibility
Eligible owner-occupied primary residences meeting VA requirements
Broad occupancy and property flexibility, subject to program rules
Property must meet current FHA eligibility and appraisal standards
Rate structures
Fixed- and adjustable-rate options may be available
Fixed- and adjustable-rate options may be available
Fixed- and adjustable-rate options may be available
Standout strength
Potential zero-down financing without monthly private mortgage insurance
Broad flexibility without government mortgage insurance
May provide more flexible qualification paths for some borrowers
Tradeoff to weigh
Eligibility, entitlement, occupancy and funding-fee rules apply
Pricing and eligibility can be sensitive to credit, equity and property profile
Mortgage insurance and property standards should be weighed carefully
Program names describe broad categories. Down-payment, credit, income, asset, property, occupancy, appraisal, insurance, fee and documentation requirements vary by lender and transaction.
It may be worth exploring when
VA aligns with the way you will use the property and document the loan.
Eligible military borrowers purchasing or refinancing an eligible primary residence.
- You understand the product-specific insurance, fee and occupancy rules.
- The expected cash to close and monthly payment fit your broader plan.
- The program remains competitive after comparing available alternatives.
Compare another option when
A different mortgage could improve flexibility, documentation or long-term cost.
Mortgage products solve different constraints. A dedicated MLO can test more than one structure using the same scenario.
Common questions
VA loan FAQs.
These answers provide general education and are not a qualification decision, rate quote or commitment to lend.
Does a VA loan always require zero down?
Eligible borrowers may be able to finance without a down payment, but the final structure depends on entitlement, loan amount, property and underwriting requirements.
Can a VA loan be used more than once?
Potentially. VA entitlement can often be restored or reused when program requirements are met.
Is HMCO part of the Department of Veterans Affairs?
No. HMCO is not affiliated with, endorsed by or acting on behalf of the Department of Veterans Affairs or any government agency.
Personal comparison
See whether VA belongs in your mortgage plan.
HMCO can review available programs using your complete borrower, property and transaction scenario.