By the Wirly Editorial Team | AI-assisted, human-reviewed
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and surviving spouses. VA loans require no down payment and no private mortgage insurance.
VA loans are one of the most powerful mortgage benefits available to those who have served in the military. They offer several advantages: no down payment requirement, no PMI, competitive interest rates, and limited closing costs. The VA does charge a funding fee (typically 1.25% to 3.3% of the loan amount), but this can be rolled into the loan.
To qualify for a VA loan, you must meet specific service requirements. Generally, you need at least 90 consecutive days of active service during wartime, 181 days during peacetime, or 6 years in the National Guard or Reserves. You will need a Certificate of Eligibility (COE) from the VA to prove your eligibility to lenders.
VA loans also offer a streamline refinance option called the Interest Rate Reduction Refinance Loan (IRRRL). This allows existing VA borrowers to refinance with minimal paperwork, no appraisal requirement, and no out-of-pocket costs in many cases. It is one of the simplest refinance programs available.
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