VA loans for veterans and service members
Eligible veterans can buy with a low down payment and no monthly mortgage insurance. QMS places your VA loan with VA-approved lenders and handles the paperwork with you.
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Overview
A VA loan is a mortgage partially guaranteed by the U.S. Department of Veterans Affairs. The guaranty protects the lender, so eligible borrowers can often buy with a low down payment and no monthly mortgage insurance. VA loans are available to eligible veterans, active-duty service members, certain National Guard and Reserve members, and some surviving spouses. The home must be your primary residence and can have one to four units.
Most VA loans include a one-time VA funding fee, which can be financed into the loan. Veterans who receive VA disability compensation, and some other borrowers, are exempt. The home must pass a VA appraisal that checks value and minimum property requirements. Your benefit can be used more than once, and borrowers with full entitlement are not subject to a VA loan limit, although lenders may set their own maximums.
QMS is not a VA lender and is not affiliated with the Department of Veterans Affairs. We arrange your loan with VA-approved wholesale lenders, compare their pricing and credit standards, and request your Certificate of Eligibility through the lender's system. For current homeowners, we also review the VA streamline refinance (IRRRL) and the VA cash-out refinance. All loans are subject to credit approval and lender guidelines.
Is it a good fit?
- Are an eligible veteran, active-duty service member or surviving spouse
- Want to buy a primary home with as little cash down as possible
- Want to avoid monthly mortgage insurance
- Receive VA disability compensation and may be exempt from the funding fee
- Have a VA loan now and want to refinance it
- Have used your VA benefit before and want to use it again
What you'll need
- Certificate of Eligibility, which we can request for you
- DD-214 for veterans, or a statement of service if on active duty
- Pay stubs and W-2 forms, or a Leave and Earnings Statement if on active duty
- Federal tax returns, if self-employed
- Bank statements for the past two months
- VA disability award letter, if applicable
- Government-issued photo ID
How it works
How it works with QMS
Confirm eligibility
We request your Certificate of Eligibility and confirm your entitlement and funding fee status.
Compare VA lenders
We compare VA-approved lenders on pricing and credit standards and move forward with the one that fits.
VA appraisal and closing
A VA appraiser reviews value and property condition, and we manage conditions through closing.
FAQ
VA loan FAQs
Don't see yours? Call us or send a message. We answer the same business day.
305-425-1990How much do I need to put down on a VA loan?
Often very little. For eligible borrowers with full entitlement, the down payment requirement is low, subject to the lender's approval and the appraised value. If part of your entitlement is tied up in a VA loan you still have, a down payment may be required on a higher-priced home. We review your Certificate of Eligibility to confirm what applies to you.
What is the VA funding fee and who is exempt?
The funding fee is a one-time charge paid to the VA that helps keep the program running. The amount depends on your down payment, the loan type and whether you have used the benefit before. Veterans receiving VA disability compensation, eligible surviving spouses and some others are exempt. The fee can be paid at closing or financed into the loan.
Can I use my VA loan benefit more than once?
Yes. Your entitlement can be restored after you sell the home and pay off the loan. In some cases you can have more than one VA loan at the same time by using your remaining entitlement. Your Certificate of Eligibility shows the entitlement you have available, and we can help you read it and plan your next purchase.
What credit score do I need for a VA loan?
The VA does not set a minimum credit score. Each lender sets its own standard, and those standards vary. VA underwriting also looks at residual income, which is the money left each month after major expenses. Because lenders differ, comparing several VA lenders can help veterans whose credit is still recovering find a workable option.
Get started
Know your numbers before you make an offer.
Tell us about your scenario and we'll price it across our lenders the same business day.