Contact DanApply nowThe starting point
Eligible borrowers may buy with no down payment and no monthly mortgage insurance. You still need a lender’s approval, an eligible property and a plan for closing costs.
Start with eligibility, then build your payment plan.
A Certificate of Eligibility, or COE, establishes your VA home-loan benefit eligibility. It is not a loan approval. The lender still evaluates your credit, income and other qualifications, and a purchase loan generally requires you to live in the home.
For a move to Layton, Ogden or elsewhere along the Wasatch Front, start with your actual timeline. Tell me about a military move, a home you already own or a change in employment before we set expectations for an offer.
Full entitlement and remaining entitlement are different.
With full entitlement, VA does not impose a county loan limit on the amount it can guarantee. That does not mean unlimited borrowing: lender approval and the property value still matter. When entitlement is already tied to another loan, the county limit and entitlement used help determine the remaining benefit.
If you have used VA financing before, bring that history into the conversation. We need to establish your current entitlement before describing any purchase as requiring no down payment.
Sources: VA: Entitlement and loan limits
No down payment does not mean no closing costs.
A VA purchase can still involve lender and settlement charges, prepaid taxes and insurance, and a funding fee unless you qualify for an exemption. For a non-exempt purchase with less than 5% down, the current VA funding fee is 2.15% for first use and 3.3% for subsequent use. Different down payments and loan types can change the fee.
The funding fee can be financed, which increases the balance you repay. Certain borrowers, including those receiving VA compensation for a service-connected disability, are exempt. Confirm your status and compare the actual Loan Estimate before deciding how much cash to bring.
Sources: VA: Funding fee and closing costs
Keep the appraisal and inspection in their own lanes.
A VA appraisal provides an opinion of value and evaluates minimum property requirements. It does not replace a home inspection. An independent inspection helps you understand the condition of the home before committing to ownership.
If the home needs repairs or you are considering a condo, flag that early so the property review can be part of the contract plan. I want your agent to have useful information while there is still time to make decisions.
Put it in context
A funding-fee example, without a rate quote
Illustration only: on a $500,000 base purchase loan with no down payment, a non-exempt first-use borrower’s 2.15% funding fee would be $10,750. Financing that fee would produce a $510,750 loan balance. An exempt borrower would not owe that fee.
This example assumes eligibility and sufficient entitlement. It excludes other closing costs and does not establish an interest rate, monthly payment or approval.
Bring these to our first conversation.
- COE, or the service information needed to request it
- Details of any previous or current VA loan
- Income, debts and available asset documentation
- Funding-fee exemption information, if applicable
- Target address, move timing and anticipated occupancy
Start with what you know. When documents are needed, use the secure application rather than sending sensitive financial information through email.
Start a conversationQuestions I want you to feel comfortable asking.
Can I use my VA benefit more than once?
Yes, VA benefits can be reused. Your next transaction depends on available entitlement and, where needed, restoration. We will review your COE and prior loan history first.
Does VA require monthly mortgage insurance?
VA-backed loans do not require monthly PMI or FHA mortgage insurance. A one-time VA funding fee may apply instead, unless you are exempt.
Sources: VA: Funding fee and closing costs
Can I use a VA purchase loan for a vacation home?
A VA purchase loan requires qualifying occupancy; it is not intended to finance a vacation home you do not plan to occupy. Discuss military and family occupancy circumstances before choosing a property.
Does the COE tell me how much I can afford?
No. Your COE concerns the benefit. Your lender must separately review the proposed loan and your ability to repay it.
Sources: VA: Entitlement and loan limits