VA loan options with built-in benefits
The benefits of a VA refi
More cash-out flexibility
Access up to 100% of your equity with a VA loan, vs about 80% with conventional.
Lower rates & monthly payments
No appraisal needed
Curious about qualifications?
VA fixed-rate loan
VA eligibility required
30, 20, or 15-year terms
Min. FICO score 640
Closing costs of 2% - 5%
VA jumbo loan
VA eligibility required
30 or 15-year terms
Min. FICO score 640
Closing costs of 3% - 5%
VA jumbo loan
VA eligibility required
No appraisal needed
Min. FICO score 580
Must have existing VA loan
3 of 3 options
Frequently asked questions
Answers to questions about this loan we heard from people like you during research.
The main thing that sets VA loans apart is they’re only available to eligible service members, veterans and surviving spouses. That’s because they’re backed by the U.S. Department of Veterans Affairs (VA). Here are some other ways VA loans are different.
- You need a Certificate of Eligibility from the VA to show lenders you qualify for a VA loan.
- In most cases, you won’t need a down payment to buy a home. Don’t forget you’ll still need funds for closing costs.
- You won’t pay private mortgage insurance on a VA loan. Instead, you may have to pay the VA Funding Fee.
These articles will help you learn more about how VA loans compare to other home loans.
FHA vs. VA loans: what's the difference, and which one is best for you?
VA loan vs. conventional loan: What's the difference?
If you meet the minimum active-duty service requirements based on when and where you served, you could be eligible for a Certificate of Eligibility (COE). That’s the document that shows lenders you qualify for a VA loan.
Surviving spouses of a veteran may also be eligible for a COE.
We can help you know if you're eligible, or you can check on the VA website.
A VA loan is meant to be used to buy a home that will be your primary residence. This includes a one-unit manufactured home. Otherwise, you can buy property with up to four units as long as you live in one of the units and it’s your primary residence.
If you’re interested in a second home, vacation home or investment property, we recommend chatting with one of our experts to see what’s possible.
VA loans don’t just come with benefits for home buyers. Eligible homeowners can benefit too, whether you have a VA loan now or refinance to one.
Use more of your home equity. Equity is the difference between the value of your home and what you owe on it. With a conventional loan, you typically can only access up to 80% of your home equity. A VA loan can allow you access 100%.
Take cash out with lower credit than other loans. Your credit can be as low as 580 to take cash out, compared to 620 for other loan types.
The interest rate reduction refinance loan (IRRRL), also called a VA streamline refinance, is for people in the following situation:
- Already have a VA loan
- Want a lower interest rate to get a lower monthly mortgage payment
- Or want to change from an adjustable-rate mortgage to a fixed mortgage
It’s called “streamline” because you typically don’t need an appraisal and there’s often less paperwork compared to just refinancing. Your credit can be as low as 580 to refinance using the IRRRL.
Unfortunately, you can’t take cash out with a VA streamline refinance. Whatever your goal, if you’re exploring refinancing we’ll help you know all your options and most importantly, if refinancing is right for you.