Down Payment · 7 min read
A Practical Guide to Down Payment Assistance
How grants, second liens, and state programs actually work, and when they're worth using.
Corie AdamsClient Login (opens in a new tab)Get Pre-Approved (opens in a new tab)
Lending Team|Personalized Mortgage Experience
Results update as you type. Use the arrow keys to review suggestions and Enter to open one.
Buying a Home · VA Home Loans
A benefit you earned, explained plainly.
A VA home loan is a mortgage backed by the U.S. Department of Veterans Affairs. The VA guarantees a portion of the loan, which allows participating lenders to offer financing with benefits that can be very attractive for eligible borrowers.
Corie Adams · Producing Branch Manager · NMLS #1875205
Who this is for
Whether this fits the plan you have.
VA home loans are available to many service members and veterans, not only first-time buyers.
Active-duty service members
You are currently serving and meet the VA's service requirements for eligibility.
Veterans
You have completed your service and want to use a benefit you have earned, whether it is your first home or a later purchase.
National Guard and Reserve members
Certain Guard and Reserve members qualify based on the service requirements established by the Department of Veterans Affairs.
Eligible surviving spouses
Some surviving spouses may qualify for VA financing and certain funding fee exemptions.
Buyers who want to minimize upfront cash
Many eligible borrowers can purchase with no down payment and no monthly private mortgage insurance.
Veterans who have used the benefit before
Whether you can use it again depends on your remaining entitlement and individual circumstances, not a one-time limit.
How it works
The path, step by step.
Using a VA loan follows a familiar mortgage process, with a few extra steps specific to the benefit.
We confirm your eligibility
We review your service history against VA requirements to determine whether you qualify for the benefit.
We help obtain your Certificate of Eligibility
Your COE confirms you have earned the benefit. It does not approve your mortgage, and we help obtain it as part of the process.
You receive a written pre-approval
A real pre-approval reviews your income, assets, and credit so you know the price range you can work with before you make an offer.
We review the VA Funding Fee
We calculate the funding fee that applies to your situation, including whether a service-connected disability exemption applies.
We compare VA to other loan options
We compare VA financing with conventional, FHA, and other programs so you can see which one best supports your goals.
You close and the loan is set
You receive your final figures ahead of the closing table, and we walk through them together before you sign.
Start with a real number, not an estimate.
A pre-approval reviews your income, assets, and credit so you know the price range you can actually work with before you tour a home or sign a builder contract.
Requirements at a glance
What underwriting looks at.
These are typical VA program expectations rather than fixed rules. Approval still depends on income, credit, and the property.
- Eligibility
- Active-duty service members, veterans, certain National Guard and Reserve members, and some surviving spouses
- Certificate of Eligibility
- Confirms the benefit has been earned; we help obtain it during the process
- Down payment
- Often none required for eligible borrowers
- Monthly mortgage insurance
- Generally not required, unlike many low-down-payment loan programs
- VA Funding Fee
- A one-time fee that varies based on first-time or subsequent use and down payment amount
- Funding fee exemptions
- Available to many veterans with a VA-recognized service-connected disability and certain surviving spouses
- Closing costs
- Limited by the VA on certain fees, which provides additional borrower protections
Guidelines vary by lender and can change over time. Nothing here is a commitment to lend or an approval of credit.
Costs and assumptions
What it costs, and what we assumed.
VA loan costs are structured differently than many conventional loans, largely because of the funding fee and the absence of monthly mortgage insurance.
VA Funding Fee
A one-time fee that helps keep the VA loan program available for future veterans. Most borrowers choose to finance it into the mortgage rather than pay it at closing.
Down payment
Often none required, though making a down payment can reduce the funding fee in certain situations.
Closing costs
Title, appraisal, and lender fees apply as with other loan types, though the VA limits certain fees veterans can be charged.
Monthly mortgage insurance
Generally not required on VA loans, which can meaningfully lower the monthly payment compared to other low-down-payment programs.
Common misconceptions
What people get told, and what is actually true.
Often heard
I already used my VA loan, so I cannot use it again.
In practice
Many veterans purchase multiple homes throughout their lives using their VA benefit, depending on remaining entitlement and individual circumstances.
Often heard
VA loans take forever and sellers will not accept them.
In practice
Timelines are generally comparable to other loan types when the file is organized upfront. Many sellers accept VA offers without hesitation.
Often heard
VA loans are only for first-time buyers.
In practice
VA financing is available to eligible veterans and service members regardless of whether they have purchased a home before.
Often heard
You always pay the VA Funding Fee.
In practice
Many veterans with a VA-recognized service-connected disability are exempt from the funding fee, and certain surviving spouses may also qualify.
Questions
Asked at the kitchen table.
From the Learning Center
Related guides.
Reads that answer what buyers ask before they ever tour a home.
Getting Ready · 6 min read
Pre-Approval vs. Pre-Qualification
The difference matters more than the words suggest, especially when you're competing for a home.
First-Time Buyer · 9 min read
The First-Time Homebuyer's Timeline
A month-by-month look at what buying your first home actually feels like, from the first conversation through closing day.
Client Stories