What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. Because the VA backs a portion of the loan, lenders can offer remarkable terms — no down payment, no private mortgage insurance, and competitive rates — to those who've served. It's one of the most valuable benefits available to Cleveland's veterans and military families.
VA loan benefits
$0 down payment
Finance up to 100% of the purchase price — no down payment required for most buyers.
No monthly mortgage insurance
Unlike FHA and low-down conventional loans, VA loans carry no monthly PMI — big savings.
Competitive rates
VA loans often carry some of the lowest rates available, with flexible credit guidelines.
Reusable & assumable
Use the benefit again and again, and qualified buyers may even assume your VA loan later.
VA loan eligibility
Eligibility is based on your service. You'll need a Certificate of Eligibility (COE), which your lender can usually pull for you. Common ways to qualify:
- Veterans who meet minimum active-duty service requirements.
- Active-duty service members after a qualifying period of service.
- National Guard & Reserve members meeting service thresholds.
- Surviving spouses of service members who died in service or from a service-connected disability.
The VA funding fee
What's the funding fee?
Most VA loans include a one-time funding fee that helps keep the program running. It's usually rolled into the loan, and it varies based on your down payment and whether you've used the benefit before.
- Exempt: veterans receiving VA disability compensation typically pay no funding fee.
- Reduced: putting some money down lowers the fee.
VA vs. FHA vs. conventional
| VA | FHA | Conventional | |
|---|---|---|---|
| Min down | 0% | 3.5% | 3% |
| Monthly MI | None | Yes (MIP) | PMI <20% |
| Who it's for | Veterans / military | Lower credit | Stronger credit |
| One-time fee | Funding fee* | Upfront MIP | None |
Eligible for VA? It's usually the best deal available. Compare it against FHA and conventional, or just start a quote.
Compare VA lenders in Cleveland
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VA loan FAQ
For most eligible buyers, yes — VA loans allow 100% financing with no down payment, as long as the purchase price is supported by the appraisal.
If you have full entitlement, there's no VA loan limit — lenders set the maximum based on what you can repay. Limits may apply if you have a prior VA loan still in use.
Yes. The VA benefit is reusable, and your entitlement can be restored after you sell or pay off a previous VA loan.
The VA sets no minimum, but most lenders look for around 620. VA loans are generally more flexible on credit history than conventional financing.
VA Loans Explained
Understand VA loans and their unique benefits for veterans and service members.