VA loans in 2026: eligibility, funding fee, and quote checklist
VA-backed loans can offer 0% down and no monthly mortgage insurance for eligible borrowers. The funding fee, entitlement, and lender overlays still matter.
VA quick facts
| Best for | Eligible veterans, active-duty service members, National Guard or Reserve members, and qualifying surviving spouses. |
|---|---|
| Eligibility proof | Borrowers generally use a Certificate of Eligibility (COE) to document VA home-loan eligibility. VA COE request page |
| Funding fee | The VA funding fee is a one-time fee, and the VA says current purchase-loan rates include 2.15% for first use with less than 5% down and 3.3% for subsequent use with less than 5% down, unless exempt. VA funding fee chart |
| Main advantage | No monthly mortgage insurance, though the funding fee can be financed into the loan. |
Who should start with VA?
If you are eligible, VA should almost always be part of the comparison. A no-down-payment VA offer can preserve cash, and no monthly PMI can make the payment more competitive than FHA or conventional with low down payment. But VA is not automatically the winner. If you can make a larger down payment, if you are not exempt from the funding fee, or if a seller prefers conventional financing in a competitive market, compare the full APR and cash-to-close picture.
VA quote checklist
- Get your COE or ask a VA lender to pull it.
- Ask whether you are exempt from the funding fee.
- Compare funding fee financed versus paid at closing.
- Ask for a side-by-side VA and conventional estimate if you have strong credit and down payment.
- Confirm the property can pass VA appraisal and minimum property requirements.
Does VA require a down payment?
Many eligible borrowers can use VA with 0% down, but loan structure, entitlement, lender requirements, and property details still matter.
Does VA have monthly PMI?
No. VA-backed loans do not have monthly mortgage insurance, but most non-exempt borrowers pay a one-time funding fee.
Can I use VA more than once?
Yes, but the funding fee can be higher for subsequent use when the down payment is under 5%, unless an exemption applies.