VA Home Loans Explained: Zero Down, No PMI, VA Jumbo and Assumable Loans
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs for eligible service members, veterans, National Guard and Reserve members and some surviving spouses. It often allows zero down payment and no monthly mortgage insurance, and it can be assumable.
Who qualifies?
Eligibility depends on your service history and discharge status. You confirm it with a Certificate of Eligibility (COE), which we can usually pull for you. Active duty, veterans, Guard and Reserve members and eligible surviving spouses may qualify.
What are the main benefits?
Often zero down. With full entitlement, many buyers don’t need a down payment.
Competitive terms. VA loans are known for strong pricing.
Assumable. A qualified buyer may be able to take over your loan.
What’s the VA funding fee?
It’s a one-time fee that can be financed into the loan. The amount depends on your down payment and whether it’s your first use of the benefit. Some veterans, such as those receiving VA disability compensation, may be exempt.
Is there a VA loan limit?
For borrowers with full entitlement, VA doesn’t cap the loan amount, but lenders set their own maximums and you still have to qualify. “VA jumbo” describes loans above the conforming limit, often available with little or no down payment for eligible buyers. If you have only partial entitlement remaining, down payment rules can apply.
What are the property requirements?
The home has to meet VA’s minimum property requirements, and the appraisal comes from a VA-assigned appraiser. Termite and pest clearance is required before closing, and an issue can mean a corrective NPMA-33. Those two items are where VA loans usually lose time. [LINK]
Can a VA loan be assumed?
Often, yes. A qualified buyer, in some cases including a non-veteran, may be able to assume an existing VA loan with lender and VA approval. If the loan has a low rate, that can be a real asset for a seller. One thing to understand: unless the buyer is a veteran who substitutes their entitlement, the seller’s entitlement can stay tied to the loan. Talk to me before you rely on an assumption.
How do you start?
Get your COE, get fully underwritten, and tell your agent your approval is done before you shop.
Buying with a VA loan in California? Explore VA loans in California
Mike Belfor, Branch Manager and Mortgage Loan Originator, American Pacific Mortgage, NMLS 264700 (Company NMLS 1850). Equal Housing Opportunity. Not affiliated with the Department of Veterans Affairs. Guidelines change. Updated September 18, 2026.
VA Home Loans Explained: Zero Down, No PMI, VA Jumbo and Assumable Loans
A complete guide to VA home loans: who qualifies, zero down and no PMI, the funding fee, VA jumbo, property rules and assumable loans.
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