Why should you consider a VA Loan?

 

$0 Down Payment

Purchase a home with no down payment required. No catch!

 

Competitive Rates

Access lower interest rates backed by the Department of Veterans Affairs.

 

No PMI Required

Save hundreds per month with no private mortgage insurance premiums.

 

Flexible Credit

More lenient credit requirements compared to conventional loans.

Who qualifies for a VA Loan?

  • Active Duty: Service members who have served 90 consecutive days.
  • Veterans: Those who meet minimum service requirements.
  • National Guard: Members with 6 years of service.
  • Reserves: Members with 6 years of service.
  • Surviving Spouses: For service members who died in service or from service-related disability.
  • Discharged Members: With qualifying service and discharge status.

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Conventional Mortgage

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The payment shown is an estimate only and is not a loan offer, commitment, or approval. The Annual Percentage Rate (APR) for a loan may be higher than the interest rate used in this calculator because APR includes certain fees and charges. Estimated payments may not include all costs, such as property taxes, homeowner’s insurance, HOA dues, or other required expenses. Your actual payment will be higher.

All rate, payment, and cost estimates are based on user‑entered information and standard assumptions and may vary due to credit profile, loan program, underwriting requirements, and market conditions. PMI estimates are based on typical industry ranges and may differ from actual premiums. Final terms will be provided in a Loan Estimate after a completed application. 

VA Loans FAQs

What is the VA funding fee?  

The VA funding fee is a one-time cost required by the Department of Veterans Affairs to help keep the program running for future borrowers.

  • It typically ranges from 1.25% to 3.3% of the loan amount, depending on your down payment and whether you’ve used a VA loan before.
  • The fee can be rolled into your loan or paid upfront at closing.
  • Veterans with service-connected disabilities may be exempt from the funding fee.

Do I need an appraisal for a VA loan?  

Yes. A VA-approved appraisal is required to determine the home’s market value and ensure it meets VA property standards.

  • This helps confirm the property is safe, sound, and sanitary.
  • The appraisal is not a home inspection, so borrowers may still wish to schedule a separate inspection for peace of mind.

What types of properties are eligible for VA financing?  

VA loans are designed for primary residences only—you must live in the home you purchase. Eligible property types include:

  • Single-family homes
  • VA-approved condos
  • Certain townhomes or manufactured homes (with permanent foundations)
    Investment properties and vacation homes do not qualify under VA guidelines.

Can I use a VA loan more than once?  

Yes. Your VA entitlement can be restored once a previous loan is paid off or the property is sold, allowing you to use your benefit again for another home.  

How long does the VA loan process take? 

The process typically takes 30–45 days, similar to most mortgage timelines.

  • Preapproval can often be completed in one business day with the proper documents.
  • Factors such as appraisal scheduling, documentation, and underwriting can affect total time to close.

Is there a credit score requirement?  

While the VA does not set a minimum score, most lenders (including FFB) look for a 620 or higher to qualify. Strong credit may also help secure better rates.