VA loans for veterans and service members

How VA loans work

The VA doesn't make the loan. Approved lenders do, and the VA guarantees part of it. That guarantee lets lenders offer more flexible terms to eligible borrowers. Most borrowers pay a one-time VA funding fee, which can usually be financed. Some borrowers, such as those receiving VA disability compensation, may be exempt.

Eligibility

Eligibility is based on service history and discharge status. You'll need a Certificate of Eligibility (COE), which can often be requested through the lender during the loan process. Lenders also review credit, income and residual income.

What you can use a VA loan for

• Buying a primary residence, including some condos and small multi-unit properties where you live in one unit
• VA cash-out refinance
• VA Interest Rate Reduction Refinance Loan (IRRRL), a streamlined refinance of an existing VA loan

Pros and cons

Pros: Financing without a down payment may be available for eligible borrowers, as permitted by program rules; no monthly mortgage insurance; flexible credit guidelines; may be assumable by qualified buyers, subject to VA and lender approval; the benefit may be reusable, depending on remaining entitlement.

Cons: Funding fee for most borrowers; primary residence only; property must meet VA standards; condos must be VA-approved.

Documents you may need

Certificate of Eligibility, DD-214 or statement of service, income documents, bank statements and ID.

Tips for VA buyers

• Request your COE early.
• Work with a real estate agent who knows VA offers.
• Ask about funding fee exemptions.

How Turn Times helps

Turn Times is a licensed mortgage broker, not a lender. Instead of offering one company's products, we compare VA loan options from wholesale lenders and walk you through the differences in plain language. Here's how it usually goes:

1. Tell us your goal. A short conversation about the property, your timeline and what matters most to you.
2. We search pricing across wholesale lenders. We look at which wholesale lenders' guidelines may fit your situation, and a licensed loan officer compares their pricing and terms.
3. You choose. We lay out the trade-offs so you can pick the option that works for you.
4. We manage the loan to closing. Appraisal, title, conditions and updates along the way.

Every loan is subject to the lender's underwriting, and approval isn't guaranteed. We arrange loans for properties in California and Colorado.

Frequently asked questions