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Loan programs

VA Home Loans

VA home loans help eligible veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses buy or refinance a home on favorable terms.

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VA loans at a glance

  • No down payment
  • No monthly mortgage insurance
  • Funding fee exemptions
  • Refinance options

  • No down payment

    Eligible borrowers with full entitlement can buy a home with no down payment.

  • No monthly mortgage insurance

    VA loans don’t require private mortgage insurance, which helps keep payments down.

  • Funding fee exemptions

    Veterans who receive VA disability compensation are generally exempt from the VA funding fee.

  • Refinance options

    Lower your rate with a VA streamline (IRRRL) or tap your equity with a VA cash-out refinance.

Who is eligible

VA loans are available to veterans, active-duty service members, and National Guard and Reserve members who meet service requirements, and to some surviving spouses. Your eligibility is confirmed by a Certificate of Eligibility (COE), which we can help you request.

VA loan limits

Since 2020, borrowers with full VA entitlement have no VA loan limit. You still need to qualify for the loan amount based on your income and credit. If part of your entitlement is in use, county loan limits determine how much you can borrow without a down payment.

The VA funding fee

Most VA loans include a one-time funding fee that helps keep the program running. It can be paid at closing or added to the loan. Veterans who receive VA disability compensation, and certain surviving spouses, are generally exempt.

VA refinance options

  • Interest Rate Reduction Refinance Loan (IRRRL): a streamlined refinance to lower the rate on an existing VA loan.
  • VA cash-out refinance: refinance an eligible loan into a VA loan and take cash from your equity.

FAQ

VA loans: common questions

Can I use my VA loan benefit more than once?

Yes. Your entitlement can be restored after you sell and pay off a VA loan, and in some cases you can have more than one VA loan at a time.

Is there a minimum credit score for a VA loan?

The VA doesn’t set a minimum credit score, but lenders do. We’ll review your credit and explain the options available to you.

Can I buy a condo with a VA loan?

Yes, if the condominium project is approved by the VA. We can check a project’s status for you.

Keep exploring

Metro Mortgage LLC is not affiliated with or acting on behalf of the U.S. Department of Veterans Affairs.

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