What Is a VA Purchase Loan?
A VA purchase loan is a mortgage loan backed by the U.S. Department of Veterans Affairs that allows eligible veterans, active duty service members, and surviving spouses to buy a home with zero down payment, no private mortgage insurance, and competitive interest rates.
This benefit is one of the most powerful financial tools available to those who have served — and millions of veterans don't fully take advantage of it. As a VA loan specialist with 25+ years of experience, Joe Metzler is here to make sure you get every dollar of benefit you've earned.
✦ Did You Know?
On a $400,000 home purchase, a VA loan with zero down payment saves you $80,000 upfront compared to a conventional loan requiring 20% down. Plus, with no PMI, you save an additional $150–$200 every single month.
VA Purchase Loan Benefits
The VA home loan benefit is widely considered the best mortgage product available in the United States. Here's why:
- Zero Down Payment: Buy a home without saving up a large down payment — keep your cash for moving costs, repairs, or emergencies
- No Private Mortgage Insurance (PMI): Conventional loans require PMI when you put less than 20% down — VA loans never require PMI
- Competitive Interest Rates: VA loans are backed by the government, which reduces lender risk and results in lower rates for you
- Limited Closing Costs: The VA limits what lenders can charge — and sellers can pay all of your closing costs
- No Prepayment Penalty: Pay off your loan early without any penalty fees
- Assumable Loan: A future buyer can assume your VA loan — a huge advantage when rates are high
- Flexible Credit Requirements: VA loans are more forgiving of past credit issues than conventional loans
- Reusable Benefit: Use your VA benefit multiple times throughout your lifetime
- No Loan Limits (in most cases): With full entitlement, there is no maximum VA loan amount
VA vs. Conventional — Side by Side
See how a VA purchase loan compares to a conventional loan on a $400,000 home purchase:
Down Payment
PMI Required
Typical Rate
Credit Flexibility
Funding Fee
Assumable
Prepayment Penalty
*VA funding fee can be financed into the loan. Exempt if you have a service-connected disability.
VA Funding Fee Explained
The VA funding fee is a one-time fee that helps sustain the VA loan program for future generations of veterans. It ranges from 1.25% to 3.3% of the loan amount depending on your down payment and whether it's your first or subsequent VA loan use.
Good News — You May Be Exempt!
Veterans receiving VA disability compensation are completely exempt from the VA funding fee — saving thousands of dollars. Surviving spouses of veterans who died in service or from service-connected disabilities are also exempt. Joe will verify your exemption status upfront.
- First Use, 0% down: 2.15% funding fee
- First Use, 5%+ down: 1.5% funding fee
- First Use, 10%+ down: 1.25% funding fee
- Subsequent Use, 0% down: 3.3% funding fee
- Disability Exempt: 0% — no funding fee at all
- Can be financed: Added to loan amount, not paid out of pocket
VA Loan Property Requirements
VA loans can be used to purchase a variety of property types, but the home must meet the VA's Minimum Property Requirements (MPRs) to ensure it is safe, sound, and sanitary.
- Single-Family Homes: The most common VA purchase — must be your primary residence
- Condominiums: Must be in a VA-approved condo project
- Townhomes: Eligible if it meets VA MPRs
- Multi-Unit (2–4 units): Eligible if you live in one unit
- New Construction: Eligible with VA-approved builder
- Manufactured Homes: Eligible under certain conditions
⚠️ VA Appraisal Note
VA loans require a VA appraisal performed by a VA-approved appraiser. The appraiser checks both the property value AND that it meets the VA's minimum property requirements. Joe will guide you through this process and help you navigate any issues that arise.
The VA Purchase Loan Process
Getting your VA loan is straightforward when you work with a specialist. Here's what to expect:
Verify Your Eligibility
We confirm your military service history and pull your Certificate of Eligibility (COE) electronically — usually takes just minutes.
Get Pre-Approved
We review your income, assets, and credit to issue a solid pre-approval letter — typically within 24 hours. This shows sellers you're serious.
Find Your Home
Shop with confidence knowing your financing is in place. Your Realtor submits your offer with your pre-approval letter attached.
VA Appraisal
Once under contract, a VA-assigned appraiser evaluates the property value and confirms it meets VA minimum property requirements.
Underwriting & Approval
Your loan file goes to underwriting for final review. We'll keep you updated at every step and handle any conditions quickly.
Close & Get Your Keys!
You sign your final documents at closing. With a VA loan, you may owe very little or nothing out of pocket — then you get your keys!
✦ Ready to Use Your VA Purchase Benefit?
Get pre-approved in 24 hours. Zero down. No PMI. Expert VA guidance from Joe Metzler.
VA Purchase Loan FAQs
Yes! Your VA loan benefit is reusable. You can use it again once you've paid off a previous VA loan or sold the home. In some cases you can even have two VA loans at the same time using your remaining entitlement. Joe will explain your specific entitlement situation.
With full entitlement (no current VA loans), there is no maximum loan amount — though lenders still apply their own limits. If you have remaining entitlement from a previous VA loan, county loan limits may apply. In 2025 the standard conforming limit is $806,500 in most areas.
The VA itself does not set a minimum credit score. Most VA lenders prefer a score of 620 or higher, though some will work with scores in the 580–619 range. Joe works with multiple lenders to find the best fit for your credit situation.
A typical VA purchase loan closes in 30–45 days from contract to close. With a well-prepared file and an experienced VA lender like Joe, closings in 21–30 days are achievable. The VA appraisal timeline is often the biggest variable.
Yes! VA loan rules allow the seller to pay ALL of your closing costs (called seller concessions). This means you could potentially close on your home with literally zero out of pocket. Joe will help you structure your offer to maximize seller contributions.
You don't need a Realtor who specializes specifically in VA loans, but it helps to work with one who is familiar with the process. Your lender (Joe) handles all the VA-specific mortgage requirements — the Realtor just needs to understand VA appraisal timelines and contract terms.
Your VA benefit is valid in all 50 states. Joe Metzler at Cambria Mortgage is licensed to originate VA loans in Arizona, Colorado, Florida, Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin.
What Veterans Say
"Joe made our VA purchase loan process incredibly smooth. He handled our COE, explained every step, and we closed in under 30 days with zero out of pocket. As a veteran I felt truly respected and valued throughout the entire process."