VA Purchase Loans
A VA purchase loan can combine no-down-payment potential with no monthly PMI, but the property, occupancy, entitlement and underwriting still have to work.
No down payment can be possible
VA purchase financing often allows no down payment when entitlement/guaranty and value support the transaction. Nearly 90% of VA-backed home loans are made without a down payment according to VA's current consumer page.
Eligible uses
VA purchase loans can be used for eligible single-family homes, up to four units, approved condos, manufactured homes/lots, new construction and certain purchase-plus-improvement or energy-efficiency scenarios.
Occupancy
The borrower generally must intend to occupy the property as a home under VA occupancy rules.
Official VA baseline
VA Home Loans · VA Pamphlet 26-7 Lender's Handbook
VA sets the guaranty program rules, while private lenders underwrite and may impose overlays that are stricter than VA's baseline.