VA Home Loans
VA Loans for Veterans, Service Members and Military Families
You earned this benefit through your service. VA loans can let eligible borrowers buy with 0% down and no monthly PMI, and The Smith Mortgage Group charges no lender fees on VA loans through FCM. We help you secure your Certificate of Eligibility and move from pre-approval to closing.
What It Is
Understanding the VA home loan benefit
A VA loan is a mortgage issued by a private lender and partially guaranteed by the U.S. Department of Veterans Affairs. Because the VA backs a portion of the loan, lenders can offer terms that are hard to match elsewhere, including financing with no down payment for eligible borrowers and no monthly private mortgage insurance.
The benefit is not a one-time perk. Many veterans use it to buy a first home, again when orders or family needs require a move, and later to refinance. Your available entitlement determines how the benefit can be used, and we can walk through how much you have remaining.
At The Smith Mortgage Group, Powered by FCM, eligible borrowers pay no lender fees on VA loans. Other closing costs, such as third-party charges, still apply, and we will lay those out clearly before you commit.
Who It Fits
Who may be eligible for a VA loan
Eligibility is based on service history and is confirmed through a Certificate of Eligibility (COE). You may qualify if you are one of the following.
- A veteran who meets the VA's minimum service requirements and was not dishonorably discharged
- An active-duty service member who meets the minimum time-in-service requirement
- A current or former member of the National Guard or Reserves who meets VA service criteria
- An eligible surviving spouse of a service member or veteran, as defined by VA rules
- A buyer purchasing a home you intend to occupy as your primary residence
Not sure where you stand? We can request your Certificate of Eligibility for you, usually as one of the first steps in the process.
Key Benefits
Why the VA loan stands apart
0% down for eligible buyers
Qualified borrowers with sufficient entitlement can finance the full purchase price, keeping savings available for moving and emergencies.
No monthly PMI
VA loans do not carry private mortgage insurance, which can make the monthly payment noticeably lighter than other low-down options.
No lender fees through FCM
Our branch charges no lender fees on VA loans, so more of your money stays in your pocket at closing.
Reusable benefit
Entitlement can often be restored or reused, allowing veterans to finance future homes with the same benefit.
Flexible credit review
VA guidelines focus on your overall financial picture, including residual income, rather than relying only on a credit score.
VA refinance options
The VA IRRRL and VA cash-out refinance give existing homeowners ways to lower a rate or tap equity.
Costs and Requirements
The VA funding fee and qualifying basics
Most VA borrowers pay a one-time VA funding fee, which helps sustain the program. The amount varies with factors such as your down payment and whether you have used the benefit before, and it can usually be financed into the loan. The fee may be waived for some borrowers, such as veterans receiving VA disability compensation and certain eligible surviving spouses.
Beyond service eligibility, lenders review your credit, stable income, debt-to-income ratio and residual income, which is the money left each month after major obligations. The home must also be appraised by a VA-approved appraiser and meet the VA's minimum property requirements. All approvals depend on qualification, underwriting and VA program guidelines.
Want to see how a zero-down payment looks against your budget? Run the numbers in our mortgage payment calculator or estimate a comfortable price range with the affordability calculator.
Compare
VA loans compared with FHA and conventional
If you have VA eligibility, it is worth comparing the benefit against the other common options before you choose.
| Feature | VA | FHA | Conventional |
|---|---|---|---|
| Typical minimum down | 0% for eligible borrowers | 3.5% with qualifying credit | As low as 3%–5% for qualified buyers |
| Monthly mortgage insurance | None | Annual MIP | PMI under 20% down |
| Upfront cost | VA funding fee, waived for some | Upfront MIP | None required for PMI |
| Lender fees through our branch | None on VA loans | Standard | Standard |
| Who can use it | Eligible veterans, service members, surviving spouses | Any qualified buyer | Any qualified buyer |
Model each option with your own figures in our VA, FHA and conventional loan comparison tool, or read about FHA loans and conventional mortgages in more detail.
Refinance
VA refinance options for current homeowners
VA IRRRL (streamline)
The Interest Rate Reduction Refinance Loan lets existing VA borrowers move into a lower rate or a more stable loan, typically with reduced paperwork.
Learn more →VA cash-out refinance
Eligible homeowners can replace their current mortgage, VA or otherwise, and convert equity into cash for repairs, debt payoff or other goals.
Learn more →Check the savings first
Compare your current payment against a new rate with our refinance calculator before you apply.
Learn more →Steps
How to use your VA home loan benefit
Start the conversation
Tell us about your service history and home goals. There is no hard credit pull to begin, and we respond within 2 business hours.
Obtain your COE
We help request your Certificate of Eligibility so your entitlement is confirmed early.
Get pre-approved
With income and credit reviewed, you receive a pre-approval, with decisions possible in as little as 24 hours.
VA appraisal and underwriting
Once you are under contract, a VA appraisal confirms value and property condition while underwriting clears your file.
Close with no lender fees
Review your final numbers, sign and receive your keys, with no lender fees on your VA loan through FCM.
FAQ
VA loan questions from military borrowers
Do VA loans really require no down payment?
Eligible borrowers with sufficient entitlement can typically buy with 0% down, subject to qualification, underwriting and VA guidelines. You may choose to put money down, which can reduce the funding fee and your monthly payment.
Is the VA funding fee waived for disabled veterans?
Veterans receiving VA disability compensation are generally exempt from the funding fee, and certain other borrowers, such as some eligible surviving spouses, may be exempt as well. Your Certificate of Eligibility typically shows your funding fee status.
Can surviving spouses get a VA loan?
Yes, eligible surviving spouses may use the VA home loan benefit. Eligibility depends on VA criteria related to the service member's or veteran's service and circumstances, and we can help you confirm it.
Can I use my VA loan benefit more than once?
In many cases, yes. Entitlement can often be restored after a VA loan is paid off, and some borrowers have remaining entitlement that allows a second VA loan while keeping the first home.
Does a National Guard or Reserve member qualify?
Certain members of the National Guard and Reserves are eligible once they meet VA service requirements, which can involve time in service or qualifying active-duty periods. We will help verify your status through the COE process.
What does no lender fees on VA loans mean?
Through FCM, our branch does not charge its own lender fees on VA purchases or refinances. Third-party costs such as appraisal, title and government charges still apply, and the VA funding fee applies unless you are exempt.
Can I buy a home near a new duty station before I arrive?
Often, yes. Because we are licensed in all 50 states, military families receiving orders can begin pre-approval early. See the areas we serve and ask us about timing your purchase with your report date.
Keep Exploring
Related resources
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