The VA loan is a mortgage option for qualifying United States veterans, service members, and military families. VA loans are provided by private lenders, but the Department of Veterans Affairs (VA) guarantees a portion of the loan, which allows lenders to provide special terms for VA borrowers.

The VA does not set a limit on how much you can borrow, but there are limits on the amount you can borrow without making a down payment. These limits vary by county and are based on the county limits in conjunction with the amount the VA will guaranty. If you qualify, lenders may allow you to borrow amounts that exceed these limits, but there’s a chance you may have to pay a down payment of at least 25% on the amount that exceeds these limits.

Yes, there are two main programs that help borrowers refinance their VA loans: Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance, and the VA Cash-Out Refinance. Talk to your VA lender to learn more about these refinance programs.

The VA funding fee is a set fee applied to almost every VA purchase or refinance loan. The amount of the fee depends on several factors, including your type of service, whether you make a down payment, and if it’s your first time using your VA home loan benefit. The VA funding fee may be rolled into the loan and paid along with your monthly mortgage payment. Talk to your VA lender about what your funding fee may be.

When looking for the best rate for your home loan, it’s best to shop around and contact several lenders to compare their loan rates, fees and any costs associated with the loan. You can also compare VA loan rates  from multiple lenders on online.