A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs, available to active-duty service members, veterans, and eligible surviving spouses. VA loans require no down payment, no private mortgage insurance (PMI), and offer competitive interest rates. The VA guarantees a portion of the loan, which reduces the lender's risk and allows for more favorable terms. This benefit is a way to thank those who have served for their sacrifice.
Buy a home with no money down (up to VA loan limits)
No private mortgage insurance regardless of down payment
Typically lower rates than conventional and FHA loans
More lenient credit requirements than conventional loans
Qualified buyers can assume your VA loan when you sell
Can be used multiple times throughout your lifetime
VA loans are guaranteed by the Department of Veterans Affairs, meaning the VA promises to repay a portion of the loan if you default. This guarantee allows lenders to offer better terms. You'll pay a one-time VA funding fee (1.25%-3.3% of the loan amount depending on service type and down payment), which can be rolled into the loan. Disabled veterans are exempt from this fee. There's no monthly mortgage insurance, which saves hundreds per month compared to FHA or conventional loans with less than 20% down.
Currently serving and looking to buy a home near their duty station
Honorably discharged and ready to use their earned benefit
Previously used VA loan and want to use the benefit again
Eligible surviving spouses of service members who died in service or from service-connected disabilities
Get answers to common questions about va loans.
Q Home Loans specializes in va loans for homebuyers and investors in Washington. Get expert guidance and competitive rates.