LICENSED IN VA · MD · DC · CA · FL · TX · WV ·
VA Purchase Loans
$0 Down, No PMI, and a 30-Day Close From Specialists Who Do This Every Week.
Applications
Lenders
Plans
States
Agents
INTRODUCTION
What are the requirements for a VA purchase loan?
VA purchase loan requirements: eligible veteran, active-duty service member, or surviving spouse confirmed through a Certificate of Eligibility (COE); primary residence use; minimum 580 to 620 credit score at most lenders (VA sets no official minimum); no down payment required with full entitlement; VA appraisal including Minimum Property Requirements inspection; VA funding fee (waived for veterans with any service-connected disability rating).
Of all the mortgage programs available to homebuyers, the VA purchase loan offers the most compelling combination of benefits: $0 down payment, no private mortgage insurance at any loan-to-value, and rates typically 0.25 to 0.5% below conventional for the same borrower.
In FY2023, the Department of Veterans Affairs guaranteed over 400,000 home purchase loans. The average VA purchase loan was $346,000 with $0 required from the veteran as a down payment. Veterans who purchased conventionally with 5% down on the same purchase paid $17,300 upfront and then $2,000 to $6,000 per year in PMI — benefits the VA loan eliminates entirely.
VA PURCHASE LOAN REQUIREMENTS
VA Purchase Loan Requirements
What You Need to Buy a Home With Your VA Benefit
| Feature | VA Purchase Loan | Conventional 5% Down |
|---|---|---|
| Down Payment | $0 | $17,300 on $346K average |
| PMI | None — ever | $2,000–$6,000 per year |
| Rate | ~0.25%–0.5% below conventional | Market rate |
| Funding Fee | 1.25%–2.15% (waivable for disabled veterans) | None |
| Appraisal | VA appraisal including MPR inspection | Standard appraisal |
VA FUNDING FEE TABLE
VA Funding Fee 2026 Table and Waiver Eligibility
Access Financial confirms your funding fee waiver status from VA records at the beginning of every VA loan application. Veterans with a service-connected disability of any percentage — even a pending claim — have the funding fee waived entirely.
| Purchase Scenario | First Use | Subsequent Use |
|---|---|---|
| 0% Down | 2.15% | 3.3% |
| 5% to 9.9% Down | 1.5% | 1.5% |
| 10% or More Down | 1.25% | 1.25% |
| Disabled Veteran — any % | Waived | Waived |
| Surviving Spouse | Waived | Waived |
VA PURCHASE IN 2026
The Financial Case for Using Your VA Benefit Over Conventional
The Department of Veterans Affairs guaranteed 400,000+ purchase loans in FY2023. A veteran who purchases a $400,000 home with VA vs a conventional 5% down loan avoids $20,000 in upfront down payment, saves $2,000 to $6,000 per year in PMI, and benefits from a 0.25 to 0.5% rate advantage. Over 30 years, the total financial advantage of the VA purchase loan over conventional for the same purchase typically exceeds $200,000. Funding fee waiver for disabled veterans eliminates the only upfront cost — making the VA purchase the most cost-effective mortgage program ever created for the segment it serves.
| VA Purchase Insight | Value |
|---|---|
| 400,000+ | VA purchase loans guaranteed in FY2023 — benefits.va.gov |
| $200,000+ | Estimated total 30-year financial advantage vs conventional financing for the same purchase |
| 30 days | Typical Access Financial VA purchase close timeline on clean files |
THE 3 QUESTIONS CONVENTIONAL BUYERS ASK MOST
Yes. VA purchase loans cover 1 to 4 unit properties when you occupy one unit as your primary residence. This is the house-hack strategy — buy a duplex, triplex, or fourplex with $0 down, live in one unit, and collect rent from the others. The rental income from non-owner units can offset most or all of the mortgage payment. Access Financial structures VA multi-family purchases for veterans and active-duty buyers regularly.
Yes — if your VA loan officer presents a strong pre-approval and communicates the timeline clearly. Access Financial provides every VA buyer with a seller FAQ explaining that VA loans close in 30 days, appraisals are ordered the day of contract, and the VA guaranty ensures the loan funds. A strong VA pre-approval from VA specialists wins deals in competitive markets every day.
The veteran has three options: renegotiate the price down to the appraised value, pay the difference out of pocket (the VA allows this), or walk away with the earnest money returned. Access Financial advises on which option makes the most sense for your situation and reviews the property before the offer to minimize the risk of a low appraisal.
$0 Down No PMI 30-Day Close The VA Benefit You Earned Deserves a Specialist Who Uses It Correctly.
Access Financial pulls your COE free, confirms your funding fee waiver status, reviews the property for MPR issues before your offer, and closes in 30 days. If you are VA-eligible and have not used the benefit yet — or want to use it again — start with a free pre-approval.
Frequently Asked Questions
Yes — if the condominium project holds VA approval separately from FHA or Fannie Mae approval. VA condo approval requires the entire condo project — not just the individual unit — to meet VA guidelines on owner-occupancy rates, HOA finances, and project insurance. Access Financial checks VA condo project approval status before you make an offer. A condo approved for conventional financing may not be VA-approved. We check both lists in the first consultation.
A VA purchase loan buys a new home. A VA IRRRL is a streamline refinance that lowers the rate on an existing VA loan. The VA purchase loan closes in 30 days, requires a VA appraisal including MPR inspection, and finances the acquisition. The VA IRRRL closes in 21 days, requires no appraisal, and reduces the rate on a loan already secured. Both are VA benefits available to eligible borrowers. Access Financial originates both programs through VA-certified loan officers.