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Overview

A VA home loan is a mortgage backed by the U.S. Department of Veterans Affairs and offered by private lenders like Freedom Mortgage. They make buying a home more affordable for veterans, active-duty military personnel, and surviving spouses who qualify.

It is often easier to get approved for a VA home loan compared to conventional mortgages. VA home loan interest rates are often lower than the rates on conventional mortgages. Many veterans can use VA loans to buy a home without a down payment. VA home loans have other benefits too!

Use our VA affordability calculator to estimate how much of a home you can afford by factoring in the down payment, interest rate, loan term, and more. Freedom Mortgage is the #1 VA lender in the United States according to Inside Mortgage Finance, 2021.

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Competitive interest rates

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0% down payment for many home buyers

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No mortgage insurance

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Lower minimum credit scores

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How much home can you afford?

When you’re thinking about buying a home, figuring out how much you can afford is a great first step. Use our home affordability calculator to get an estimate!

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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

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Ask us what VA rate we can offer you!

The VA rate we may be able to offer is personal to you. Your interest rate is affected by your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a VA rate that is lower – or higher – than the rate you see advertised by other lenders. Ask us today what VA rate we can offer you.

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Is a VA home loan right for you?

If you qualify, a VA loan is a great choice for buying a home. We also provide FHA and USDA loans as well as conventional mortgages. Our loan comparison can help you understand your options, and choose the loan that’s right for you. Also read our article on VA loans vs conventional loans.

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VA Loans

  • Only qualified veterans, active duty military personnel, and surviving spouse are eligible
  • Can buy primary homes only
  • Down payments often not required
  • Mortgage insurance not required
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Conventional Loans

  • All qualified homebuyers are eligible
  • Can buy primary homes, vacation homes, and more
  • Down payments required
  • Mortgage insurance required with down payment less than 20%
Learn More
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FHA Loans

  • All qualified homebuyers are eligible
  • Can buy primary homes only
  • Down payments required
  • Mortgage insurance required
Learn More
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USDA Loans

  • Only qualified rural & some suburban homebuyers are eligible
  • Can buy primary homes only
  • Down payments often not required
  • Mortgage insurance required
Learn More

Looking for more detail?

Our full loan comparison table can help you decide.

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VA home loan fees and requirements

VA home loans are a great option for veterans. You will need a Certificate of Eligibility (COE) that shows lenders you are eligible for a VA loan. You will need to complete a VA loan application, meet your lender’s credit and financial requirements, and pay closing costs too. Here’s what else you need to know about VA home loans.

Credit score

We will probably check your credit score before we approve your mortgage application. Your credit score can affect the interest rate we may offer too.Learn about VA credit scores

Down payments

Many veterans can make a 0% down payment when they buy a home with a VA loan. Making a down payment can reduce the cost of your funding fee however. It also reduces the amount of money you need to borrow to buy a house. Learn about VA down payments

Loans limits

Since 2020, there are no VA loan limits for qualified veterans with their full entitlement. Lenders may still limit the amount of money they will let you borrow based on your credit, income, and finances however.Learn about VA loan limits

Funding fee

VA loans don’t have mortgage insurance but they do have a one-time VA funding fee. For first-time homebuyers, this funding fee costs between 1.4% and 2.3% of the loan amount. You can pay this fee at closing or finance it into your mortgage principal. Some disabled veterans and surviving spouses are exempt from paying the funding fee.Learn about VA funding fees

Closing costs

VA loan closing costs can average between 2% and 5% of the home’s purchase price according to US News and World Report. These costs can include lender fees, discount points, property taxes and homeowners insurance premiums as well as the funding fee.Learn about VA closing costs

Loan disclosures and closing

Once you submit your application, you will need to review and sign Loan Disclosures. You’ll also need to attend the closing of your new mortgage.Learn about disclosures

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The Freedom Mortgage Difference

We are committed to making you a life-long customer with exceptional mortgages and exceptional service!

We’ll help you choose the right mortgage and work with you to make buying a home or refinancing easy. We'll also keep an eye on your rate and let you know when you can lower your payment or get cash from your home's equity.

We are thankful for our 1.5 million customers. It’s because of homeowners like you that we’ve grown over the past 30 years to become one of the top lenders in America.

We are proud to support veterans and service members with charitable work like raising $93,000 to buy school supplies for military families. We are also committed to fighting hunger in communities across the nation.

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