Breaking Down the Benefits of a VA Loan

If you’re an eligible service member, Veteran, or surviving spouse, a VA loan can make buying a home easier on both your savings and your monthly budget. Let’s go over all the benefits of a VA loan to help you understand what you actually get and what the terms mean.


What is a VA Loan?


A VA loan is a home mortgage issued by private lenders and backed by the U.S. Department of Veterans Affairs that helps eligible service members, veterans, and certain surviving spouses purchase or refinance a primary residence, often with $0 down and no PMI.


Who is Eligible?


Active-duty service members, Veterans, many Guard/Reserve members, and certain surviving spouses may qualify. Not sure of your eligibility? We can help you confirm your service and request your Certificate of Eligibility (COE), the VA’s official confirmation that you can use the benefit.


What are the Benefits of a VA Loan?


Lower Upfront Costs

  • $0 down. You can finance 100% of the purchase price. You’ll still have standard closing costs; within VA rules, sellers can help cover some of them.
  • No PMI, ever. Private Mortgage Insurance (PMI) is an extra monthly fee added to most loans with less than 20% downs to protect the lender if the borrower defaults. VA loans don’t require it, which may save you money each month.
  • Funding fee, explained. Most borrowers pay a one-time VA funding fee. This is usually financed into the loan and helps keep the benefit available. Many Veterans with service-connected disability benefits, and some surviving spouses, may be exempt.


Easier to Qualify and Built Around Real Life

  • Competitive Rates. Because the VA backs the loan, pricing is often comparable to other popular loan programs.
  • Approval that looks at the full picture. VA considers residual income—money left after your housing payment, taxes, and major debts—to ensure the payment fits your day-to-day life, not just your credit score.


Property Protections So You’re Not Surprised Later

  • Appraisal with safety basics. The VA appraisal checks value and Minimum Property Requirements (MPRs), which include heat, water, roof condition, and other must-haves, so you’re less likely to inherit big problems.
  • Limits on certain fees. VA caps some charges to keep costs reasonable. Seller concessions (seller-paid costs) are allowed within VA rules and may further reduce what you’re required to bring to closing.


Flexibility Down the Road

  • A lifetime benefit you can reuse. Your VA entitlement (the VA’s backing on your loan) can be restored after you sell, and in some cases, you can have more than one VA loan if you have remaining entitlement.
  • Assumable loans can be a resale perk. With VA and lender approval, a qualified buyer may be able to assume (take over) your VA loan, including your rate. If rates are higher down the road, that could make your home stand out.
  • Simple to refinance when rates drop. Already have a VA loan? The IRRRL (Interest Rate Reduction Refinance Loan) can help lower your rate or payment with minimal paperwork. There’s also a cash-out refinance to access equity, if approved.


Let's Talk


If you’ve served, you’ve earned a powerful path to homeownership. The Sharpe Mortgage Team will help you confirm eligibility, compare VA side-by-side with other options, and outline clear next steps from pre-approval to closing so you know exactly what you can afford and why. Ready to put your benefit to work? Call us at (336) 575-9448 to get started.



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