A VA loan is a home mortgage guaranteed by the U.S. Department of Veterans Affairs. It is built for eligible veterans, service members, and surviving spouses who want zero down payment and no monthly mortgage insurance.
The VA does not lend you money directly on a purchase loan. A lender like Luminate Bank originates the mortgage, and the VA guaranty protects that lender if the borrower defaults. That guaranty is why many eligible buyers can finance 100% of the purchase price with no monthly mortgage insurance.
You typically choose a fixed-rate term (often 30 years). Monthly payments usually cover principal, interest, taxes, and homeowners insurance — without PMI or MIP. Most purchases include a one-time VA funding fee that can often be financed into the loan; many veterans with a service-connected disability rating are exempt.
VA loans are for primary residences. Your Certificate of Eligibility (COE) confirms service history and remaining entitlement — Ryan and Steve pull this early so shopping starts with real numbers.
When you have the benefit, VA is often the strongest purchase path available.
Not sure if VA is the right fit? Compare it with other programs we close every week.
| Feature | VA | FHA | Conventional |
|---|---|---|---|
| Min. down | $0 | 3.5% | 3% |
| Monthly MI | None | MIP (often life of loan) | PMI under 20% down |
| Upfront fee | Funding fee (exemptions apply) | Upfront MIP | None typical |
| Who qualifies | Eligible veterans & military | Most owner-occupants | Most borrowers |
Related guides to help you compare options and move toward pre-approval.
Program details, funding fee calculator, and entitlement tools.
Estimate remaining guaranty when entitlement is partially used.
Low- and zero-down options if this is your first purchase.
Compare VA’s $0-down path with FHA’s 3.5% down option.
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Recent articles from our blog on VA loans, entitlement, and veteran homebuying.
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Know your buying power before you shop. Ryan & Steve can pull your COE, check entitlement, model the funding fee, and get you pre-approved — averaging a 20-day close.