VA loans: A complete guide to mortgages for eligible military veterans

Buying your own home requires a large amount of money. Unfortunately, not everyone can afford it. However, there is special assistance for those who have completed military service. Let's consider the VA home loan requirements and who can use them.

VA Loan: What is it?

The US Department of Veterans Affairs guarantees VA loans. The government does not provide loans. But creditors are reassured that a government institution supports the service. Because of this, they provide mortgage insurance with VA loan.

Usually, we can arrange lending without a down payment and on attractive terms. It is worth remembering that the VA loan requirements have not disappeared, and must meet them. However, there is a relatively high probability of a favorable mortgage decision.

What you need to know about VA loans

First, you should fill out particular documents. They are the ones that confirm your eligibility for a VA loan. You will also receive a certain amount in dollars. It is your right, which is accrued with each loan. Depending on the lender, the amount may vary.

Many are concerned about the question: do VA loans require PMI do? Insurance is not required. You will need to pay for the loan. It is a certain percentage of the total amount. Thus, the VA loan system is stable.

What are the VA loan application requirements?

You should familiarize yourself with these requirements before applying for a loan. The government has specific clauses for those in service, veterans, and their spouses. The list of essential requirements includes:

  • you are currently on duty;

  • you are a veteran reserve;

  • at least 90 days of service in wartime;

  • at least 181 days of peacetime service;

  • you have served in the National Guard for at least six years.

The spouse could issue a loan if the wife or husband died while serving. In this case, it is worth clarifying whether do you pay PMI with a VA loan.

It is also necessary to issue a certificate of conformity. It is impossible to get a VA loan without it.

How to get a certificate of conformity

The easiest way to issue a certificate is to contact a creditor. In addition, you will be able to clarify whether is there PMI on VA loans and other questions.

To apply, you must provide up-to-date information. Veterans must file Form 214 DD. Signatures of service members are also required.

The application contains:

  • full name;

  • date of birth;

  • insurance policy number;

  • service start date;

  • the name of the team that will confirm the information.

For those who served in the National Guard, there are other requirements for writing a statement. It especially applies to family members of those who have served or are currently serving.

Additional requirements for applying for a VA loan

Getting a VA loan and PMI certificate is not enough. Better familiarize yourself with other requirements:

  • property. It will not be possible to purchase real estate for investment or recreation. In addition, you will have to permanently live in the new building and indicate it as the place of registration;

  • credit rating. There is no official indication of the credit rating level anywhere. But lenders prefer people with scores above 620;

  • income level. Of course, you must be earning enough to make regular payments;

  • advance. Many people ask: do VA loans have PMI do. Usually, no. But when applying for a loan with a low rating, you may be asked to make an advance payment.

There are no set limits when applying for a VA loan. That is, you can use it for the amount you need. But remember that the lender has every right to set its limits and rules. In any case, asking do you pay PMI on VA loans and if the amount is enough to pay for the home you want is essential.

Benefits of a VA Home Loan

There are many types of loans to buy your own home. However, a VA loan is a better solution. The main advantages are:

  • low cost of borrowing;

  • approval is possible with no down payment;

  • you can get approved even if you have arrears;

  • low loan closing costs.


If you have a good credit history, then whether it does VA loan require PMI will be closed. With a sufficient level of income, additional insurance is not required.

Instructions on how to apply for a VA loan

After completing all the documents, you can apply for a VA loan. The algorithm is as follows:

  • get approved for a VA loan;

  • find your dream home;

  • suggest a price;

  • wait for the results of the housing inspection;

  • submit documents for final application processing;

  • pay for housing;

  • sign all documents.

Remember that not every lender offers VA loans. You need to find a good specialist who will provide financial assistance and close all questions.


A VA loan helps those who have served or are serving their country. First, you should find all the criteria, requirements, and lending terms. It will help you get financial assistance under the best conditions.

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