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A VA loan is a mortgage guaranteed by the Department of Veterans Affairs for eligible veterans, service members and surviving spouses. With full entitlement there is no down payment and no VA loan limit, and there is no monthly mortgage insurance. The one-time funding fee is 2.15% of the loan for first use with less than 5% down and 3.3% for later use, and it's waived for veterans receiving VA disability compensation. iQRATE Mortgages (NMLS 1862492) shops VA loans across many lenders in Nevada, California, Texas and Florida.
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Written by David Ghazaryan, Mortgage Broker (NMLS 1486726), iQRATE Mortgages (NMLS 1862492). Licensed in Nevada, California, Texas and Florida. Updated October 2026.
For purchase and construction loans, the fee depends on use and down payment (VA chart effective April 7, 2023):
Who doesn't pay: veterans receiving (or eligible for) VA compensation for a service-connected disability, surviving spouses receiving DIC, service members with a pre-discharge proposed or memorandum rating, and active-duty Purple Heart recipients. You can finance the fee into the loan.
If you still have a VA loan on a home you kept as a rental, you may have partial entitlement. In that case the county conforming limit (for example $832,750 in most counties, $1,249,125 in Los Angeles County) is used to calculate how much you can borrow with no down payment, and a down payment covers the rest. You can restore entitlement by selling the home, or once with a one-time restoration if you paid it off and kept it.
VA allows sellers to pay closing costs, and limits seller concessions (such as paying the funding fee or paying off debts) to 4% of the home's reasonable value. On a purchase, only the funding fee can be financed into the loan; other closing costs are paid at closing or covered by seller or lender credits. Your costs are itemized on your Loan Estimate.
VA appraisers check that the home is safe, sound and sanitary: a working roof, heat, safe water, no peeling paint on older homes and safe access. If the appraisal comes in below the price, the Tidewater process gives your lender a chance to submit sales that support value before the report is final.
VA lenders look at residual income, the money left each month after major expenses, by family size and region. Strong residual income can offset a higher debt-to-income ratio.
An IRRRL lowers your rate on an existing VA loan with limited paperwork and a 0.5% funding fee. VA cash-out can refinance any loan type, including a conventional or FHA loan, into a VA loan up to 90% of value with most lenders.
A first-time VA user buys a $500,000 home in San Antonio with no down payment. The 2.15% funding fee is $10,750, which can be financed, for a total loan of $510,750. If the buyer receives VA disability compensation, the fee is waived and the loan is $500,000. The seller agrees to pay the buyer's closing costs as part of the negotiation, so the buyer's cash to close is mainly prepaids such as insurance and tax escrow, which the seller can also cover within VA's 4% concession limit.
Nevada's VA buyers are concentrated around Nellis Air Force Base in North Las Vegas, Creech Air Force Base in Indian Springs and Naval Air Station Fallon. Every Nevada county uses the $832,750 conforming limit in 2026, which matters only with partial entitlement. Nevada Housing Division's Home Is Possible programs can pair with VA loans: HIP down payment assistance of up to 5% of the loan amount, HIP for teachers with $7,500 in forgivable assistance, and the Worker Advantage program with up to $20,000 for eligible essential workers. Nevada also has a disabled veteran property tax exemption based on the disability rating. See North Las Vegas, Las Vegas, Henderson and Reno.
California has the largest military population of our four states: Camp Pendleton, Navy Region Southwest in San Diego, Marine Corps Air Station Miramar, Edwards and Vandenberg, and Travis near Sacramento. Because California prices are high, full entitlement matters more here. With partial entitlement, the county limit drives your down payment: $1,249,125 in Los Angeles and Orange counties and $1,104,000 in San Diego County. California offers a disabled veterans' property tax exemption with basic and low-income levels. CalHFA's programs can sometimes be layered with VA. See San Diego, Oceanside, Temecula and Riverside.
Texas has Fort Hood (renamed back from Fort Cavazos in 2025), Joint Base San Antonio, Fort Bliss, Naval Air Station Corpus Christi and many Guard and Reserve units. Texas gives veterans rated 100% disabled or individually unemployable a full homestead property tax exemption, and partial exemptions at lower ratings. Texas also has the Veterans Land Board (VLB) home loan program for Texas veterans, which can be paired with a VA-guaranteed loan. Because property taxes are high, escrow is a big part of a Texas VA payment. See Killeen, San Antonio, El Paso and Corpus Christi.
Florida has NAS Pensacola and Whiting Field, NAS Jacksonville and Mayport, MacDill AFB in Tampa, Eglin and Hurlburt Field, and Patrick Space Force Base. Florida fully exempts the homestead of a veteran with a permanent and total service-connected disability, and gives other discounts by rating and age. Florida Hometown Heroes can help eligible veterans and service members with down payment and closing costs. Hurricane and flood insurance are a large part of a Florida VA payment, and VA lenders need full coverage before closing. See Pensacola, Jacksonville and Tampa.
A Navy officer kept a home in Virginia with a $300,000 VA loan still outstanding and wants to buy in San Diego for $1,200,000. San Diego County's 2026 limit is $1,104,000. VA's guaranty available is 25% of the limit minus entitlement already used: 25% × $1,104,000 = $276,000, minus $75,000 used (25% of $300,000) = $201,000 of remaining guaranty. Most lenders need the guaranty plus down payment to cover 25% of the loan. 25% of $1,200,000 is $300,000, so the buyer would need about $99,000 down ($300,000 − $201,000), and the funding fee for subsequent use with 5% or more down is 1.5%. Lenders calculate this slightly differently, so we run it with several.
Illustrative only, not a quote or offer. Rates, terms and eligibility vary by lender and change without notice.
A soldier rated 100% permanent and total service-connected disabled buys a $300,000 home in Killeen with no down payment. The funding fee is waived, so the loan is $300,000. In Texas, a 100% disabled veteran's homestead is fully exempt from property tax, so the escrow covers insurance only once the exemption is granted. Until then, the first-year escrow may include taxes, and the exemption can bring a refund or lower payment later.
Illustrative only, not a quote or offer. Rates, terms and eligibility vary by lender and change without notice.
You can buy up to four units if you live in one. Lenders can count rent from the other units, often with a requirement to show reserves or landlord experience. Some lenders apply a self-sufficiency test similar to FHA's for 3–4 units.
VA construction-to-permanent and VA renovation loans exist but fewer lenders offer them. Energy-efficient improvements can sometimes be added to the loan.
A VA purchase typically closes in 30 days or less once you're under contract. The VA appraisal is ordered through VA's system and assigned to a VA-approved appraiser, which can take longer in rural areas. Our goal for eligible VA purchases is 17 days from initial disclosures under our closing commitment.
Surviving spouses of veterans who died in service or from a service-connected disability, and who haven't remarried (or remarried after age 57 on or after December 16, 2003), may be eligible. Surviving spouses receiving Dependency and Indemnity Compensation are exempt from the funding fee.
Closing costs are lender and third-party fees; cash to close also includes your down payment and prepaids such as insurance and tax escrow, minus any credits. Every fee is itemized on your Loan Estimate. See closing costs by state.
Terms for each are on its own page; see all iQRATE guarantees.
Not for borrowers with full entitlement. With partial entitlement, the county conforming limit is used to figure your no-down-payment amount.
2.15% for first use with less than 5% down, 3.3% for later use, 1.5% with 5% down and 1.25% with 10% down.
Veterans receiving or eligible for VA disability compensation, surviving spouses on DIC, and some others.
Yes. You can restore entitlement or use remaining entitlement for a second VA loan.
Yes, 1–4 units, if you live in one.
Yes. Concessions are limited to 4% of reasonable value, but normal closing costs aren't counted in that limit.
Yes. A spouse can meet the occupancy requirement.
A streamline refinance that lowers the rate on an existing VA loan, with a 0.5% funding fee.
Through your lender, VA.gov or by mail with VA Form 26-1880. Most lenders can pull it online.
Yes. With full entitlement there's no limit; with partial entitlement, the county limit (such as $1,249,125 in LA) sets your down payment.
A veteran rated 100% disabled or individually unemployable gets a full homestead exemption in Texas.
Yes. Nevada's Home Is Possible programs can be paired with VA loans for eligible buyers.
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iQRATE Mortgages · NMLS 1862492 · 6360 S Rainbow Blvd Ste 101, Las Vegas, NV 89118 · Licensed in Nevada, California, Texas and Florida. David Ghazaryan, Mortgage Broker, NMLS 1486726. Verify us on NMLS Consumer Access. Equal Housing Opportunity. This is not a commitment to lend; programs, rates and terms vary by lender and change without notice.
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