VA Loans: The Complete Guide for Veterans and Active Military

The VA home loan benefit is one of the most powerful financial tools available to those who've served. Here's what makes it exceptional:

• No down payment required — buy a home with 0% down
• No private mortgage insurance (PMI) — saves $100–$300/month vs. conventional loans
• Competitive interest rates — typically 0.25–0.5% below conventional rates
• Limited closing costs — VA restricts what lenders can charge
• No prepayment penalty — pay off early without fees
• Reusable benefit — use it multiple times throughout your life

VA loan eligibility is based on your service history. Generally, you qualify if you:

• Served 90 consecutive days of active service during wartime
• Served 181 days of active service during peacetime
• Served more than 6 years in the National Guard or Reserves
• Are the surviving spouse of a service member who died in the line of duty

You'll need a Certificate of Eligibility (COE) to apply. Turn Times can obtain your COE directly from the VA on your behalf — it takes about 5 minutes.

The VA funding fee is a one-time payment that helps fund the VA loan program. It ranges from 1.25% to 3.3% of the loan amount, depending on your down payment and whether it's your first VA loan.

The fee can be rolled into the loan, so you don't need cash at closing. And some veterans are exempt entirely, including those receiving VA disability compensation.