VA loans

Why it's the best loan in America

• Zero down payment for most eligible borrowers.
• No monthly mortgage insurance. Not reduced, not temporary, none at all. This is the single biggest advantage of the program and it's worth hundreds of dollars a month!
• No loan limit for veterans with full entitlement.
• Competitive rates, often better than conventional.
• Reusable. The benefit isn't one-and-done.
• Assumable, which is a valuable feature when you sell into a higher-rate market, and one that almost nobody thinks about at purchase.

There is a one-time funding fee, which is waived for veterans receiving compensation for a service-connected disability, and it can be financed into the loan rather than paid at the table.

Oregon has its own veteran loan program

This one is worth knowing about because most lenders never mention it. The Oregon Department of Veterans' Affairs runs the ODVA Home Loan, which is a state program entirely separate from the federal VA benefit. It's one of only a handful of state veteran loan programs left in the country, and for some Oregon veterans the pricing beats the federal option. So if you're a veteran buying in Oregon, ask me to compare both of them before you decide.

The reputation problem

Some listing agents still steer their sellers away from VA offers, based on a belief about appraisals and repair requirements that is roughly two decades out of date. So if you're competing for a house, tell me early, because a strong pre-approval letter and a lender who will actually pick up the phone for the listing agent solves most of it.

Building with VA

VA construction loans exist, and there's one change from March 2025 you should know about. VA eliminated the builder identification requirement, which makes builder approval easier, but in that same circular VA stopped interceding in builder complaints, referring veterans instead to local building departments or to counsel. So that's less friction going in, and less of a backstop if something goes sideways. Verify your builder's Oregon CCB license yourself and get the warranty in writing. More on construction financing here.

Common questions

Am I eligible?

Generally: veterans, active duty with sufficient service, National Guard and Reserve members with qualifying service, and some surviving spouses. You'll need a Certificate of Eligibility, which I can usually pull in a few minutes.

Can I use it more than once?

Yes. Entitlement can be restored after you sell, and some veterans carry two VA loans at once using their remaining entitlement.

Is there really no down payment?

Really. One hundred percent financing on a purchase up to the appraised value, for a borrower with full entitlement.