VA Loans: The Benefit You've Earned, Explained Plainly
Last updated October 12, 2026
VA purchase and IRRRL refinance loans for veterans, active-duty service members, National Guard, Reservists, and eligible surviving spouses across Illinois, Texas, Florida, and Georgia. We pull your Certificate of Eligibility, walk you through the funding fee, and tell you exactly what you'll pay before you apply.
No hard credit pull required to check preliminary eligibility. Over $5B funded since 2002.
Program terms as of September 18, 2026; subject to change. VA loan eligibility depends on service history and Certificate of Eligibility. Eligibility and closing timing vary by borrower and file. No closing timeline is guaranteed. This is not a commitment to lend.
VA Loans Aren't Identical in Every State
Choose your state to see the details that actually change your VA loan.
VA Loans in Illinois
We work with veterans and service members across the Chicago area, including the Naval Station Great Lakes community, and out into the collar counties. Illinois offers a property tax exemption for qualifying disabled veterans that can meaningfully lower your monthly escrow, and we flag it before we run your numbers. VA condo approvals in Chicago high-rises follow the VA's own approved project list, which is separate from FHA's, so we confirm a building's status before you write an offer.
Why Veterans Choose the VA Loan
Built around a benefit you've already earned — not a workaround for thin credit, a purpose-built program with real advantages over conventional or FHA financing.
$0 Down Payment
Finance up to 100% of the purchase price with full entitlement — no down payment required regardless of loan size, when your income and credit support it.
No PMI, Ever
VA loans never require private mortgage insurance, no matter your down payment — a real monthly savings compared with FHA or low-down conventional loans.
One Fee Instead of Monthly MI
A one-time VA funding fee (1.25%–3.3%, financeable into your loan) replaces monthly mortgage insurance — and it's waived entirely for many disabled veterans.
Assumable & Fast Streamline Refinancing
Your VA loan can be assumed by a future buyer, rate and all, and refinancing later through an IRRRL typically skips the appraisal and income re-verification.
VA vs. conventional vs. FHA
| Feature | VA | Conventional | FHA |
|---|---|---|---|
| Down payment | $0 with full entitlement | 3%–20% typical | 3.5% (580+ score) or 10% (500–579) |
| Mortgage insurance | None, ever | PMI required under ~20% down; cancels | Upfront + annual MIP, often life of loan |
| Credit score | No VA minimum; ~580–620+ lender overlay | ~620+ typical | 580+ (500+ with 10% down) |
| Upfront cost | Funding fee 1.25%–3.3% (waived if exempt) | None beyond standard closing costs | 1.75% upfront MIP |
| 2026 loan limit | No VA cap with full entitlement | $832,750 baseline | $541,287–$1,249,125 by county |
| Assumable | Yes, with lender/VA approval | No, on standard loans | Yes, with lender/HUD approval |
| Best for | Eligible veterans, active duty, Guard/Reserve, and surviving spouses | Borrowers with strong credit and some down payment | Lower credit or thin down payment savings, not VA-eligible |
Program availability and terms vary by lender and loan type. We'll confirm exactly what your file qualifies for.
Who qualifies for a VA loan?
Eligibility generally requires 90 consecutive days of active duty during wartime, 181 days during peacetime, or at least 6 years of service in the National Guard or Reserve, along with an honorable or general discharge. Some service members discharged early for a service-connected disability also qualify, as do certain surviving spouses of a service member who died in the line of duty or from a service-connected disability. We pull your Certificate of Eligibility (COE) for you — you don't need it in hand before applying.
With full entitlement, there's no VA-imposed loan limit — what you can borrow comes down to your income, credit, and what a lender approves. With remaining (partial) entitlement from an existing or prior VA loan, county conforming limits apply instead — $832,750 across most of our four states for 2026, up to $1,249,125 in high-cost counties, with 25% down required on any amount financed above that limit.
The VA itself sets no minimum credit score — individual lenders do, and ours typically looks for something in the 580–620+ range depending on the rest of your file. The home has to be your primary residence, generally occupied within 60 days of closing, and it has to pass a VA appraisal confirming it meets the VA's minimum property requirements.
74%
74% of VA purchase loans closed with $0 down in FY2024 — the zero-down option isn't the exception, it's how most veterans actually use this benefit.
Source: VA loan data, FY2024.
Program at a Glance
Real numbers, not marketing fluff. Actual terms depend on entitlement, credit, and exemption status - we'll price your exact scenario in one call.
- Down Payment
- $0 with full entitlement
- Mortgage Insurance
- None — VA loans never require PMI
- Funding Fee
- 1.25%–3.3% one-time; waived if exempt
- Minimum FICO
- No VA minimum; ~580–620+ lender overlay
- 2026 Loan Limit
- No VA cap with full entitlement; $832,750–$1,249,125 with partial
- Occupancy
- Primary residence, generally within 60 days
- Refinance Options
- VA IRRRL (rate-lowering) or VA cash-out refinance
- Seller Concessions
- Up to 4% of value, plus normal closing costs
- Assumable
- Yes, subject to lender and VA approval
What You'll Provide
- Certificate of Eligibility (COE) — we can pull this for you
- DD-214 (veterans) or a statement of service (active duty)
- Photo ID and credit authorization
- Most recent 30 days of pay stubs, or LES for active duty
- 2 months of bank statements
- 2 years of W-2s or tax returns, if self-employed
Don't have your COE yet? We'll pull it for you as part of your application — it's not something you need to track down first.
VA Loan FAQs
Ready to use the VA loan benefit you've earned?
Get a real VA loan quote - rate, funding fee, and payment - with your Certificate of Eligibility pulled and your exemption status checked before we quote anything.
Toll Free: 1-866-666-2378 (866-666-BEST)
Also see: all loan products · VA IRRRL & refinance options · get a rate quote · mortgage calculators
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