VA Loans · CA · TX · FL · MD
VA Home Loans for Veterans & Service Members
A VA loan is one of the strongest home loan benefits available. Eligible veterans, service members and some surviving spouses can buy with $0 down and no monthly mortgage insurance. I help VA borrowers in California, Texas, Florida and Maryland compare 240+ lenders.
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VA Loan Eligibility
VA home loans are guaranteed by the U.S. Department of Veterans Affairs and made by private lenders. You may be eligible if you are:
- A veteran who meets the minimum service requirements
- An active-duty service member
- A current or former member of the National Guard or Reserves who meets the service requirements
- A surviving spouse who meets VA's requirements
Service requirements depend on when and how you served, and the details are on the VA eligibility page. To prove eligibility you’ll need a Certificate of Eligibility (COE). Lenders can often request it online during your application, or you can request your COE from VA yourself.
VA loans are for a home you’ll live in. You can buy a single-family home, a VA-approved condo, or a 2–4 unit property if you live in one of the units. VA itself doesn’t set a minimum credit score, but lenders do, which is another reason to compare lenders.
$0 Down & No PMI
For eligible borrowers with enough entitlement, VA loans don’t require a down payment. You can still put money down if you want to, and doing so lowers your loan amount and payment.
VA loans also don’t have monthly mortgage insurance. Compared with an FHA loan or a conventional loan with less than 20% down, that can make a real difference in the monthly payment.
The VA funding fee
Most VA borrowers pay a one-time funding fee, which can usually be added to the loan amount. The fee depends on your down payment and whether you’ve used the benefit before. Veterans who receive VA disability compensation, and some others, are exempt. See the current fee table on VA’s funding fee page.
You’ll still have normal closing costs, and VA limits some of the fees that can be charged to veterans. Sellers can also pay part of your closing costs as part of the deal.
VA Loan Limits
This is one of the most misunderstood parts of a VA loan. Since January 1, 2020, VA has had no loan limit for borrowers with full entitlement. According to VA, if you have full entitlement you can borrow as much as a lender will approve, as long as you can afford the payment and the loan isn’t more than the home’s appraised value.
Limits still matter if you have partial entitlement, for example because you still own a home bought with a VA loan. In that case your remaining entitlement is based on the county’s conforming loan limit, which FHFA sets every year. For a VA loan California buyers with partial entitlement can use, check the county figure on FHFA’s conforming loan limit page, and I’ll calculate whether any down payment would be needed.
Large loans are also priced differently by many lenders, so on a higher-priced home it pays to compare.
VA IRRRL Refinance
If you already have a VA loan, the Interest Rate Reduction Refinance Loan (IRRRL), often called a VA streamline, can lower your rate or move you from an adjustable rate to a fixed rate. It usually needs less paperwork than a regular refinance, and many lenders don’t require a new appraisal.
- You must already have a VA-backed loan on the property
- The refinance has to give you a clear benefit, such as a lower rate
- You must have lived in the home, or certify that you used to
- No cash out with an IRRRL; a VA cash-out refinance is a separate option
VA explains the rules on its IRRRL page.
VA Loans in California & Texas
A VA loan in California works the same way as a VA loan in Texas or any other state, but local costs change the math.
California
With high home prices in much of the state, the $0 down feature can make a big difference. Property tax is based on your purchase price, starting from a 1% base rate plus local charges, so include it in your budget. California also has a separate state program for veterans, CalVet, which works differently from a VA loan.
Texas
Prices are lower in many areas, but property taxes can be a large part of the payment. Texas has its own veteran home loan program through the Texas Veterans Land Board.
Both states offer property tax exemptions for some disabled veterans, so check with your county assessor. I’m also licensed in Florida and Maryland, where the same VA rules apply. Use my mortgage calculator guide to see how taxes and insurance add to your payment, then request a VA quote.
VA Loan FAQ
Is there really no down payment on a VA loan?
For eligible borrowers with full entitlement, VA doesn’t require a down payment. Lenders still need to approve your credit and income, and the loan can’t be more than the appraised value.
Is there a VA loan limit in California?
Not if you have full entitlement. Since 2020, VA has no loan limit for those borrowers. If you have partial entitlement, the county conforming loan limit is used to work out your remaining guaranty.
What credit score do I need for a VA loan?
VA doesn’t set a minimum score, but lenders do, and their minimums vary. Comparing lenders can help if your score is lower.
Do I have to pay the VA funding fee?
Most borrowers do, and it can usually be added to the loan. Veterans receiving VA disability compensation, and some others, are exempt.
Can I use a VA loan 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.
Thank You for Your Service
Apply online or call me, and I’ll compare VA loan options from 240+ lenders for you.