Who it is for
- Eligible buyers purchasing a primary home
- First-time veteran buyers
Typical VA Purchase Loans requirements
| Down payment | $0 with full entitlement |
|---|---|
| Funding fee | Varies; waived with VA disability compensation |
| Appraisal | VA appraisal with minimum property requirements |
Figures are typical market ranges as of October 2026. Actual terms depend on the lender, your credit, the property and the program, and are confirmed on your Loan Estimate or term sheet.
How it works
- Get your COE.
- Shop with pre-approval.
- VA appraisal.
- Close.
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Pros and cons
Advantages
- No down payment
- No PMI
Trade-offs
- Funding fee
- Property condition standards
Documents you’ll need
- COE
- Income and asset documents
VA Purchase Loans FAQ
Can I buy a condo with a VA loan?
Yes, if the condo project is VA-approved.
How does the VA appraisal work?
A VA-approved appraiser checks value and minimum property requirements (safe, sound, sanitary). If repairs are needed, the seller usually must complete them before closing.
What are VA minimum property requirements?
Working roof, utilities and systems, no major structural or safety issues, adequate water and sewage. It is stricter than conventional but most well-kept homes pass.
Can the seller pay my closing costs?
Yes. Sellers can contribute up to 4% toward certain costs plus normal discount points, which is generous compared to other loan types.
What is the VA funding fee on a purchase?
It ranges roughly 1.25 to 3.3% depending on down payment and first or subsequent use. Veterans with service-connected disability are exempt.
Can I buy a multi-unit with a VA loan?
Yes, up to 4 units, as long as you live in one. Rental income from the other units can help you qualify.
How long does a VA purchase take to close?
Typically 30 to 45 days. The VA appraisal adds a few days, so give your contract enough time.
Can I use a VA loan for new construction?
It is possible but tricky. Most buyers use a construction loan or builder financing, then refinance into a VA loan after completion.
Do I need perfect credit for a VA loan?
No. The VA sets no minimum score, though most lenders look for 580 to 620. Recent late payments on the mortgage itself are the bigger issue.
Official sources
How VA Purchase Loans compare
| VA Purchase Loans | VA Loans | VA Loan Eligibility Requirements | Conventional Loans | |
|---|---|---|---|---|
| Best for | Eligible buyers purchasing a primary home | Veterans and active-duty service members | Veterans checking first-time eligibility | Buyers with good credit and steady income |
| Down payment | $0 with full entitlement | $0 with full entitlement | , | 3% (eligible first-time buyers), 5%+ otherwise; 15–25% on investment property |
| Credit | , | VA sets no minimum; lenders commonly look for 580–620 | , | 620 |
| Income docs | , | , | , | , |
Typical ranges, your Loan Estimate or term sheet confirms actual terms.
Coming soon: a 2-minute walkthrough from our loan team.
Related programs
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.
VA Loan Eligibility Requirements
VA loan eligibility covers veterans, active-duty service members, many Guard and Reserve members, and certain surviving spouses.
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.