VA Purchase Loans

Financing the American Dream for Service Members

The VA Purchase

What are VA purchase loans?

VA purchase loans are mortgages guaranteed by the U.S. Department of Veterans Affairs that enable eligible Veterans, active duty personnel, some Reservists/National Guard members, and certain surviving spouses to buy a primary residence with favorable terms. The VA’s guaranty replaces the need for mortgage insurance and allows private lenders to extend credit with little or no down payment.

Because the benefit rests on a Certificate of Eligibility (COE) tied to military service, it is a lifetime entitlement that can be used more than once, provided prior loans are repaid or entitlement is restored.

Benefits of a VA Purchase Loan

Frequent Questions Regarding VA Purchases

Do I ever have to make a down payment on a VA loan? Only if you’ve used some entitlement and your desired loan exceeds the county conforming limit; you’ll need enough cash to ensure your entitlement + down payment equals 25 % of the loan amount.
How long does it take to get a COE? Most lenders retrieve a digital COE in minutes through the VA portal. If records are incomplete, mailed COEs can take 1–2 weeks.
What closing costs can the seller pay? Sellers may cover all “customary” buyer fees plus concessions up to 4 % of the price (funding fee, prepaid taxes, debts, etc.). Anything beyond that must be buyer paid.
Can I use a VA loan to buy a second home or investment property? No. VA financing is limited to primary residences, although you can purchase a multi unit (up to four units) property if you occupy one unit.

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