Learn

Personal Resource Center
Back

What is a VA Mortgage Loan?

american flag on a house

For veterans, active military, and eligible spouses, the dream to own a home may be closer than they realize with the assistance of a VA home loan, which is a type of mortgage loan backed by the U.S. Department of Veteran Affairs.1 Because they come with a government guarantee, they allow the lender to recover some or all of their losses in the event of foreclosure. This in turn allows the lender to make loans to people with somewhat lower credit scores than they would demand of a conventional borrower, often requiring very little (or zero) down payment.

Here are answers to some frequently asked questions so you can see if a VA loan might be the right choice for you. 

Key to the house icon
With a VA loan, you do not need to pay for private mortgage insurance, even if you put less than 20% down on your home.

Who is eligible for a VA loan?

If you (or your spouse) has served in the military (Army, Navy, Airforce, Marines) or the National Guard or Reserves, you may be eligible for a VA loan.2 The first step is to apply for a VA home loan Certificate of Eligibility (COE)3 through the U.S. Department of Veteran Affairs. Your lender will need the COE in order to proceed with a VA loan application.

What do I need (besides a COE) to qualify for a VA loan?

You need to meet certain credit score standards, as well as have sufficient income to cover your monthly payment. And you must use the loan to a buy a home you will live in.

What are the advantages of using a VA loan to buy a home?

Can I use any financial assistance to pay for closing costs?

Yes. If you need assistance, see what options your city, county, or state may have for closing cost assistance. You can also use financial assistance from family or friends.

Do I need to buy a single family home to qualify for a VA loan?

No. While a VA loan can be used to purchase a single-family home, you can also use a VA loan to purchase an owner-occupied condo or townhome, or a multifamily property with up to four units.

Do I need to be a first-time homebuyer to qualify for a USDA loan?

No. You do not need to be a first-time homebuyer to qualify for a VA loan.

Are there any upper income limits for getting a VA loan?

No. If you're ready to start shopping for your new home with the help of a VA loan, get in touch with a Synovus mortgage specialist today. We're here to help you get the financing you need to purchase your next home. 

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. U.S. Department of Veteran Affairs, "VA home loan types," updated April 30, 2020, accessed October 2, 2020. Back
  2. U.S. Department of Veteran Affairs, "Eligibility requirements for VA home loan programs," updated October 1, 2020, accessed October 2, 2020. Back
  3. U.S. Department of Veteran Affairs, "How to apply for a VA home loan Certificate of Eligibility," updated April 30, 2020, accessed October 2, 2020. Back
  4. U.S. Department of Veteran Affairs, "Purchase loan," updated September 18, 2020, accessed October 2, 2020. Back