Loan Programs  |  04

VA Loans

You served. This one's earned.

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The quick version

How it works

VA loans are guaranteed by the U.S. Department of Veterans Affairs and are one of the strongest mortgage benefits available anywhere. Eligible veterans, active-duty service members, many National Guard and Reserve members, and some surviving spouses can buy with no down payment and no monthly mortgage insurance. Most borrowers pay a one-time VA funding fee, though veterans receiving VA disability compensation are exempt. The benefit can be used more than once, and VA loans are assumable. If you've worn the uniform, this is usually the first program we look at.

Highlights

No down payment option

For eligible borrowers with full entitlement.

No monthly mortgage insurance

That's real money back in your budget every month.

Reusable benefit

Use it again for your next home.

Funding fee exemptions

Waived for veterans receiving VA disability compensation.

FAQ

Questions people actually ask

Tap a question to see the answer.

1Who is eligible for a VA loan?+
Veterans, active-duty service members, and many National Guard and Reserve members who meet service requirements, plus some surviving spouses. Your Certificate of Eligibility confirms it, and we can request it for you.
2What is a Certificate of Eligibility (COE)?+
It's the VA document that verifies your entitlement. We can usually pull it online in minutes once we have your information.
3What is the VA funding fee?+
A one-time fee that helps fund the program. The amount depends on your down payment and whether you've used the benefit before. It can be financed into the loan, and it's waived for veterans receiving VA disability compensation.
4Is there a limit on how much I can borrow?+
With full entitlement, the VA doesn't cap the loan amount. You still need to qualify for the payment, and lenders may have their own limits.
5Can I use my VA benefit more than once?+
Yes. Entitlement can be restored after a VA loan is paid off, and in some cases you can have more than one VA loan at the same time.
6Can I buy a vacation home or rental with a VA loan?+
VA loans are for homes you'll live in. You can buy a two-to-four unit property, live in one unit, and rent the others.
7What is a VA IRRRL?+
The Interest Rate Reduction Refinance Loan, or VA streamline. It lets you refinance an existing VA loan to a lower rate with less paperwork.
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This information is general and educational. It is not a commitment to lend. Program guidelines vary by lender, change over time, and are subject to credit approval and underwriting.

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Plano Mortgage Broker

Mohave Mortgage

5830 Granite Pkwy # 100-213

Plano Texas, 75024

Office: (469) 414-5554

Branch NMLS # 2690682

Mohave Mortgage

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