Key facts
- VA loans are made by private lenders and backed by the Department of Veterans Affairs.
- $0 down with full entitlement and no monthly mortgage insurance at any loan-to-value.
- A one-time funding fee applies unless you're exempt, and it can be financed.
Larz Martin, NMLS #2026245, arranges these loans through Lumin Lending, Inc. with access to 100+ wholesale lenders. Last updated October 2026.
VA loan parameters
| VA | |
|---|---|
| Eligibility | Veterans, service members, qualifying Guard/Reserve, eligible surviving spouses (COE) |
| Down payment | $0 with full entitlement |
| Loan limit | None with full entitlement |
| Monthly mortgage insurance | None |
| Funding fee | One-time; can be financed; exempt with service-connected disability compensation and some others |
| Credit score | No VA minimum; lender overlays vary |
| Debt-to-income | 41% benchmark; higher with strong residual income |
| Occupancy | Primary residence, 1 to 4 units |
| IRRRL | VA-to-VA rate reduction; 210 days and 6 payments; costs recouped within 36 months |
| Cash-out refinance | Up to 100% of value under VA rules (lenders may cap lower); can replace non-VA loans |
VA rules plus lender overlays apply. Subject to approval.
Refinancing with VA
- VA IRRRL: lowers the rate on an existing VA loan with lighter paperwork.
- VA cash-out: can replace a VA or non-VA loan and turn equity into cash.
- A new disability rating can make you exempt from the funding fee, and sometimes eligible for a refund.
The trade-offs
- The funding fee adds cost unless you're exempt.
- Primary residences only.
- Appraisals must meet VA minimum property requirements.
Frequently asked questions
Can I use my VA benefit more than once?
Yes. Entitlement is restored after you sell and pay off the loan, and there's a one-time restoration if you keep the home.
Is there a minimum credit score?
The VA doesn't set one. Lenders do, and they vary, so I shop the file.
Related loan programs
Rates and program availability vary by state, property and lender. This is not a rate quote, a credit decision, an offer or a commitment to lend. Program restrictions apply. Larz Martin NMLS #2026245 · CA DRE #02241936 · Lumin Lending, Inc. NMLS #2716106 · CA DRE #02291443. Equal Housing Opportunity.
