Common challenges
Many eligible borrowers never use the benefit or assume it is one-time only. Entitlement can often be reused.
Programs that fit
VA Loans
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs that lets eligible veterans, active-duty service members and certain surviving spouses buy with no down payment and no monthly mortgage insurance.
Rate-and-Term Refinance
A rate-and-term refinance replaces your mortgage with a new one to change the rate, the term or the loan type, without taking cash out.
Cash-Out Refinance
A cash-out refinance replaces your current mortgage with a larger one and pays you the difference in cash, commonly up to 80% of your home’s value on a primary residence.
FHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
Tips before you apply
- Request your Certificate of Eligibility early.
- Ask whether your disability rating waives the funding fee.
FAQ
What is the best mortgage for veterans & military?
It depends on your documentation and goal. The programs that most often fit are VA Loans, Rate-and-Term Refinance, Cash-Out Refinance, FHA Loans.