VA Purchase Loans: Buy a Home with Your VA Home Loan Benefits
Use your Veterans Affairs (VA) home loan benefit to buy a primary residence with features like potential $0 down payment and no private mortgage insurance.
Talk to a Banker (866) 870-4650
Use your Veterans Affairs (VA) home loan benefit to buy a primary residence with features like potential $0 down payment and no private mortgage insurance.
Talk to a Banker (866) 870-4650
A VA purchase loan is a home financing option available to eligible veterans, active-duty service members, and certain surviving spouses. It’s issued by private lenders, like The Federal Savings Bank, and guaranteed by the Department of Veterans Affairs (VA).
Because of that loan guarantee, VA home loans often come with advantages that aren’t available with conventional mortgages, including the potential for no down payment and no private mortgage insurance (PMI).
To explore a VA purchase loan, you’ll generally need to meet the following requirements:
Not sure where to start? That’s what we’re here for. Talk to a banker and we’ll guide you through the Certificate of Eligibility process and help you understand your next steps.
Confirms your VA home loan eligibility. We can help you obtain yours.
VA loans are for homes you’ll live in as your main residence.
Standard lender requirements apply.
The property must meet VA minimum property requirements (MPRs)
VA home loans can be used to purchase a variety of property types, including:
If you aren t sure your target property is eligible, talk to a banker experienced in VA loans to find out.
Buying a home is one of the biggest decisions you’ll make. Here’s how The Federal Savings Bank aims to make the process straightforward for veterans.
Connect with one of our VA-experienced mortgage bankers. We’ll help you check your eligibility, answer your questions, and explain your options.
We’ll walk you through your Certificate of Eligibility, review your financials, and help you understand the pre-approval path, so you know where you stand before you start shopping.
Once you’ve found the right home, we’ll guide you through the final steps, from the VA appraisal to closing day. We’re right there with you the whole way.
VA home loans are known for having fewer out-of-pocket costs than some conventional mortgages, but there are still some costs to be aware of:
Consult your financial advisors and appropriate government agencies for any effect on taxes or government benefits. Calculator disclaimer: The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loans secured by property.
Not sure which loan type is right for you? Here’s a quick comparison to help you understand key differences between VA, Federal Housing Administration (FHA),conventional loans.
| VA Loan | FHA Loan | Conventional | |
|---|---|---|---|
| Down Payment | May be $0 for eligible borrowers | As low as 3.5% | Percent varies by lender, but some usually required |
| PMI Required | No | Yes (Mortgage Insurance Premium) | Generally, yes, unless 20% down |
| Who Can Apply | Eligible veterans & service members | Most borrowers | Most borrowers |
| Funding Fee | Yes (exemptions may apply) | Upfront MIP required | None |
| Typically Suited For | Eligible veterans and service members | Lower credit score buyers + ineligible for VA loans | Strong credit + larger down payment |
Thousands of military families have found their home with us. Yours might be next.
When you work with The Federal Savings Bank, you’re working the largest privately held, veteran-owned and operated bank in the country. Our team understands your service, and they care about what comes next for you and
your family.
Representative Available 24/7 to Better Serve Troops Overseas
Or call us at (866) 870-4650
A VA purchase loan is a home financing option for eligible veterans, active-duty service members, and certain surviving spouses. It’s issued by private lenders like The Federal Savings Bank, with a partial guarantee from the Department of Veterans Affairs. This arrangement can make it possible for qualified borrowers to buy a primary residence with no down payment and no private mortgage insurance required.
Eligibility is generally based on your service history. This includes veterans, active-duty service members, National Guard, and Reserve members who meet certain service requirements, and some surviving spouses. The best first step is to connect with a banker who can help you confirm your eligibility and obtain your Certificate of Eligibility (COE).
Eligible borrowers may be able to purchase a home with no down payment using a VA home loan. Your specific situation, including your COE status and lender requirements, will determine what applies to you.
No. VA home loans do not require private mortgage insurance (PMI), which is usually required on conventional loans when the down payment is less than 20% . This can potentially reduce your monthly payment.
The VA funding fee is a one-time fee that helps sustain the VA loan program. The amount depends on your service history, loan type, and whether you’ve used a VA loan before. Some borrowers, including those receiving VA disability compensation, may be exempt. A banker can help you understand what applies to your situation.
In addition to service eligibility, borrowers must meet lender requirements related to credit, income, and property standards. The home must be used as a primary residence and meet VA Minimum Property Requirements (MPRs).
For a detailed breakdown, visit our VA loan requirements page.
Yes. In many cases, you may be able to use your VA home loan advantage more than once over your lifetime, even if you’ve had a VA loan before. Remaining entitlement and other factors will apply.
Yes. Our mortgage bankers can guide you through the Certificate of Eligibility process and help you understand your next steps toward homeownership.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
