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VA Loan Requirements

Apart from your military service history, VA loan requirements are not drastically different than traditional lending options. Mutual of Omaha Mortgage works with all Veterans looking to certify their VA-loan eligibility. Once we’ve knocked out the most basic VA loan requirement, you’re instantly privy to incredible benefits. Take a look at some of the basic VA loan requirements, and the great benefits awaiting your application.

Certificate of Eligibility – a major VA loan requirement

More commonly referred to as a COE, your Certificate of Eligibility is critical to the advance of your VA home loan application process. This document is verification from the Department of Defense that your service history confirms that you are eligible to receive VA home loan benefits. The COE grants you access to other VA benefits beyond mortgage loans, but is extremely helpful in allowing Mutual of Omaha Mortgage to proceed with your application. Even better, the proof of eligibility puts you on the right track to potentially save thousands on your VA home loan when compared to non-VA home loan products.

Of the 20+ million active duty service members and veterans, a 2020 report shows less than 15% are utilizing their VA mortgage benefit*.

What are some other VA loan requirements?

As with any traditional mortgage product, VA home loans require basic financial input from you.

We’ll discuss your income, employment history, credit history and any potential assets you bring to your new VA purchase loan. Not to fret, these financial VA loan requirements are the same for non-VA applicants too.

Am I required to put a down payment on my VA home loan?

One benefit of the VA home loan is that it is a federal guaranty program. This means the loan is insured by this federal government-backed program, as opposed to a private mortgage insurance (PMI) plan. This allows you the freedom to not put any down payments when you close on your new VA home loan. This does not mean you’re not allowed to put some money down at signing; doing so will lower the principle loan balance and your monthly payments. Your Mutual of Omaha Mortgage Banker will be able to help weigh your down payment options, and help you decide what is best for your unique VA home loan needs.


Does my VA home loan require PMI?

We covered this briefly in the section above, but the federal guaranty provided by the VA home loan program eliminates the requirement for VA home loan applicants to purchase additional Private Mortgage Insurance (PMI).

Traditional loans have the option to roll the cost of PMI into the loan balance, but VA loans don’t require PMI at all.

There are enough costs associated with purchasing a home and financing a loan – adding an extra insurance payment on top of it just doesn’t add up.

Get started on your VA home loan journey with Mutual of Omaha Mortgage! CALL 1-800-24-RATES Today!

When am I required to pay back my VA loan?

While many VA home loans are tied to 15-year or 30-year term duration, it largely depends on what you bring to the table with income, assets, credit history and employment information. The short answer is to discuss your loan duration options with a Mutual of Omaha Mortgage Banker. Our team of VA Loan specialists will listen to your unique VA home loan needs, and give you the best option based on what you bring to the table.


Find out more about VA home loan requirements

Get started on your VA home loan journey with Mutual of Omaha Mortgage by calling one of our Bankers today. Mutual of Omaha Mortgage aims to fulfill the unique lending needs of qualified Service members, Veterans and their families.

Regulations and Fees

While the VA Loan is a federal program, the government generally does not make direct loans to veterans. Private lenders, including Mutual of Omaha Mortgage, finance the loan while the Department of Veterans Affairs offers a guaranty. This guaranty provides incentive for private lenders to offer loans with better terms.

Loan Limits
In most parts of the country, veterans who qualify for the VA Loan can purchase a home worth up to $510,400 without putting any money down: borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment. With a required minimum down payment, Mutual of Omaha will authorize VA loans above county limits in excess of $1.5 million. To find out the VA Loan Limit in your area, reach out to a Mutual of Omaha Mortgage Banker today.

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*According to a 2020 report on Department of Veterans Affairs loan guarantee data.