Get the facts about VA loans
Buying a home? Explore the facts about purchase. Want to make the most out of the home you already have? Start with refinance.
VA loans we offer
Get matched with a mortgage and interest rate designed to reach your homeownership dreams. We’ll look for all the options you have, not just VA.
Fixed-rate VA loan with a 30, 25, 20 or 15-year term
Combines the stability of an interest rate that doesn’t change with a loan length that fits your budget and future plans.
VA jumbo loan with a fixed rate
Jumbo loans for larger loan amounts are typically harder to qualify for, but a VA jumbo makes it easier.
VA adjustable-rate mortgage
Our VA ARM has a competitive interest rate for the first 5 years, then adjusts every year after.
The guidelines for buying a home with a VA loan
Service
Requirements start at 90 continuous days. No matter when you served, we can help you know if you or your spouse’s service qualifies.
Credit
Your credit can be as low as 580 to qualify for a VA loan to buy a home. If it’s somewhat lower talk to us, we have ways to help.
Debt & income
Less than half of your income going to pay debt is a good start. How much income you have left after paying bills matters too.
Closing costs
Although a down payment isn’t required, you’ll still need money for closing costs, usually 3-6% of the loan amount.
The benefits of a VA loan
0% down payment options
That means you need less money upfront to buy a home with a VA loan.
Lower rates
We always work to get you the lowest rate. VA loans tend to have lower rates than other loans so you can save even more.
No PMI
VA loans don’t require private mortgage insurance, which lowers your monthly mortgage payment.
Answers when you need them. Real people when it matters.
Rocket Assist is here 24/7 to guide you through your mortgage questions - fast, clear, and stress-free. And when the moment’s right, we’ll connect you to a mortgage expert who can help you get started.
VA loans we offer - and more
You can refinance from or to a VA loan. Or maybe your best option is to not refinance at all. We’ll help you know what’s right for you.
Cash-out refinance
Tap into your home’s equity with a new mortgage that gives you the cash to improve your home or financial picture.
VA streamline refinance (IRRRL)
Already have a VA loan? This option can help you lower your monthly payment and change your rate – without an appraisal and less paperwork.
Home Equity Loan
Great for when you want a lump sum of cash at a fixed rate without refinancing your current mortgage.
The guidelines for VA loan refinancing
Service
Whether you have a VA loan now or want to explore refinancing to one, we can help you navigate VA service requirements.
Credit
Your credit can be as low as 580 to refinance to or from a VA loan. If it’s somewhat lower talk to us, we have ways to help.
Debt & income
Ideally less than 45% of your income should be going to pay debt.
Closing costs
You’ll pay around 3-6% of the amount you’re financing for closing costs, often rolled into the loan.
The benefits of a VA loan
Access more of your home equity
A VA loan lets you access up to 100% of your home equity, compared to the typical 80% for a conventional loan.
Lower cash-out credit requirements
Refinance to take cash out with credit as low as 580 with a VA loan.
Additional refinance option
Answers when you need them. Real people when it matters.
Rocket Assist is here 24/7 to guide you through your mortgage questions - fast, clear, and stress-free. And when the moment’s right, we’ll connect you to a mortgage expert who can help you get started.
VA loans we offer
Get matched with a mortgage and interest rate designed to reach your homeownership dreams. We’ll look for all the options you have, not just VA.
Fixed-rate VA loan with a 30, 25, 20 or 15-year term
Combines the stability of an interest rate that doesn’t change with a loan length that fits your budget and future plans.
VA jumbo loan with a fixed rate
Jumbo loans for larger loan amounts are typically harder to qualify for, but a VA jumbo makes it easier.
VA adjustable-rate mortgage
Our VA ARM has a competitive interest rate for the first 5 years, then adjusts every year after.
The guidelines for buying a home with a VA loan
Service
Requirements start at 90 continuous days. No matter when you served, we can help you know if you or your spouse’s service qualifies.
Credit
Your credit can be as low as 580 to qualify for a VA loan to buy a home. If it’s somewhat lower talk to us, we have ways to help.
Debt & income
Less than half of your income going to pay debt is a good start. How much income you have left after paying bills matters too.
Closing costs
Although a down payment isn’t required, you’ll still need money for closing costs, usually 3-6% of the loan amount.
The benefits of a VA loan
0% down payment options
That means you need less money upfront to buy a home with a VA loan.
Lower rates
We always work to get you the lowest rate. VA loans tend to have lower rates than other loans so you can save even more.
No PMI
VA loans don’t require private mortgage insurance, which lowers your monthly mortgage payment.
Answers when you need them. Real people when it matters.
Rocket Assist is here 24/7 to guide you through your mortgage questions - fast, clear, and stress-free. And when the moment’s right, we’ll connect you to a mortgage expert who can help you get started.
Get more in-depth details
Articles that give you more information about this loan and explain how mortgages work.
6-minute read
VA loan down payment requirements
4-minute read
How many times can you use a VA loan?
9-minute read
VA streamline refinance (VA IRRRL): What is it and how does it work?
6-minute read
VA loan down payment requirements
4-minute read
How many times can you use a VA loan?
9-minute read
VA streamline refinance (VA IRRRL): What is it and how does it work?
Frequently asked questions
Answers to questions about this loan we heard from people like you during research.
The main thing that sets VA loans apart is they’re only available to eligible service members, veterans and surviving spouses. That’s because they’re backed by the U.S. Department of Veterans Affairs (VA). Here are some other ways VA loans are different.
- You need a Certificate of Eligibility from the VA to show lenders you qualify for a VA loan.
- In most cases, you won’t need a down payment to buy a home. Don’t forget you’ll still need funds for closing costs.
- You won’t pay private mortgage insurance on a VA loan. Instead, you may have to pay the VA Funding Fee.
These articles will help you learn more about how VA loans compare to other home loans.
FHA vs. VA loans: what's the difference, and which one is best for you?
VA loan vs. conventional loan: What's the difference?
If you meet the minimum active-duty service requirements based on when and where you served, you could be eligible for a Certificate of Eligibility (COE). That’s the document that shows lenders you qualify for a VA loan.
Surviving spouses of a veteran may also be eligible for a COE.
We can help you know if you're eligible, or you can check on the VA website.
A VA loan is meant to be used to buy a home that will be your primary residence. This includes a one-unit manufactured home. Otherwise, you can buy property with up to four units as long as you live in one of the units and it’s your primary residence.
If you’re interested in a second home, vacation home or investment property, we recommend chatting with one of our experts to see what’s possible.
VA loans don’t just come with benefits for home buyers. Eligible homeowners can benefit too, whether you have a VA loan now or refinance to one.
Use more of your home equity. Equity is the difference between the value of your home and what you owe on it. With a conventional loan, you typically can only access up to 80% of your home equity. A VA loan can allow you access 100%.
Take cash out with lower credit than other loans. Your credit can be as low as 580 to take cash out, compared to 620 for other loan types.
The interest rate reduction refinance loan (IRRRL), also called a VA streamline refinance, is for people in the following situation:
- Already have a VA loan
- Want a lower interest rate to get a lower monthly mortgage payment
- Or want to change from an adjustable-rate mortgage to a fixed mortgage
It’s called “streamline” because you typically don’t need an appraisal and there’s often less paperwork compared to just refinancing. Your credit can be as low as 580 to refinance using the IRRRL.
Unfortunately, you can’t take cash out with a VA streamline refinance. Whatever your goal, if you’re exploring refinancing we’ll help you know all your options and most importantly, if refinancing is right for you.