VA Loan | 804Mortgage

🎖️ VA Home Loan · Richmond VA

You Served.
Now Use Your
VA Benefit.

804Mortgage helps Richmond-area veterans and active-duty military buy homes with zero down payment, no mortgage insurance, and competitive rates. Your VA benefit is earned — let's make sure you use it right.

✓ Zero Down Payment

✓ No PMI Ever

✓ No Loan Limit (Full Entitlement)

✓ NMLS #1904162

VA Loan — Quick Facts

Your Benefit at a Glance

Down Payment$0 Required

Private Mortgage InsuranceNone — Ever

Loan LimitNo limit (full entitlement)

Min. Credit Score580–620 (lender guideline)

Funding Fee Exemption10%+ disability rating

Check My Eligibility →

$0Down Payment Required

No PMIEver, on Any VA Loan

No LimitLoan Amount (Full Entitlement)

ExemptFunding Fee for 10%+ Disability

Who Qualifies for a VA Loan?

VA loan eligibility is broader than most people think. Here are the main qualifying groups.

🎖️

Veterans

Generally requires 90 consecutive days of active duty during wartime, or 181 days during peacetime. Discharged under conditions other than dishonorable.

🪪

Active-Duty Military

Currently serving members who have completed 90 consecutive days of active duty service are typically eligible.

🎅

National Guard & Reserves

Members who have completed 6 years of service, or 90 days of active-duty service under Title 10 orders, including activation during wartime.

🕚

Surviving Spouses

Un-remarried spouses of veterans who died in service or from a service-connected disability may be eligible for VA loan benefits.

Not sure if you qualify? Call us — we'll help you determine eligibility and obtain your Certificate of Eligibility (COE) from the VA.

Why the VA Loan Benefit Is Exceptional

No other mortgage program offers this combination of benefits — and it's yours because you earned it.

💰

Zero Down Payment

Buy a home without any down payment. On a $400,000 home, that means you keep $20,000–$80,000 in your pocket that a conventional buyer would need to bring to closing.

🚫

No Mortgage Insurance

Unlike conventional and FHA loans, VA loans never require private mortgage insurance. On a $400k loan, that can save you $150–$250/month compared to a conventional borrower with less than 20% down.

📊

Competitive Rates

VA loans typically carry lower interest rates than conventional loans for the same borrower profile — because the government guarantee reduces lender risk.

♾️

No Loan Limit

Eligible veterans with full entitlement can borrow above the conventional loan limit ($806,500) with zero down payment — making VA a powerful tool in higher-priced markets like Short Pump.

🔁

Reusable Benefit

You can use your VA loan benefit more than once. If you've paid off a previous VA loan or sold the home, your entitlement is typically restored for future use.

🛡️

Foreclosure Protection

The VA provides additional support to borrowers facing financial hardship, including counseling programs that help veterans avoid foreclosure.

Understanding the VA Funding Fee

The VA funding fee is a one-time charge paid to the Department of Veterans Affairs that helps sustain the program for future veterans. It can be rolled into your loan amount so you don't need to pay it out of pocket at closing.

The fee varies based on your down payment, whether it's your first or subsequent use of the VA benefit, and your military category. Veterans with a service-connected disability rating of 10% or higher are completely exempt from the funding fee.

Even with the funding fee, the VA loan typically saves eligible borrowers significantly over the life of the loan compared to FHA or conventional options — especially because there's no monthly mortgage insurance.

Scenario	Down Payment	Funding Fee
First use	0%	2.15%
First use	5–9.99%	1.50%
First use	10%+	1.25%
Subsequent use	0%	3.30%
Subsequent use	5%+	1.50%
10%+ disability rating	Any	Exempt
Surviving spouse	Any	Exempt

Funding fee rates subject to change. Consult with 804Mortgage for your specific scenario.

How VA Compares to Other Loan Types

For eligible veterans, VA is almost always the most advantageous option. Here's why.

Feature	Conventional	FHA	VA	Jumbo
Min. Down Payment	3–5%	3.5%	0%	10–20%
Min. Credit Score	620	580	580–620	700+
Mortgage Insurance	Removable at 20%	Life of loan	✓ None Ever	Removable at 20%
Loan Limit	$806,500	$524,225	No limit	Above $806,500
Down Payment Assistance	Limited	✓	✓ Not Needed	✗
Eligibility Restriction	None	None	Veterans / Military	None

How to Get a VA Loan With 804Mortgage

We handle the VA paperwork — you focus on finding your home.

Confirm Eligibility

We help you obtain your Certificate of Eligibility (COE) directly from the VA — usually done in minutes online.

Get Pre-Approved

Fast VA pre-approval with a local lender. Your letter is ready quickly so you can make strong offers.

Find Your Home

VA requires an appraisal by a VA-approved appraiser. Our agents know which homes will meet VA minimum property requirements.

Close With Zero Down

We handle your VA loan from application to closing. No down payment, no surprises — just keys in your hand.

Using Your VA Benefit?
Add Real Estate and Save Even More.

Our in-house real estate team gives you half the buyer-agent commission back at closing — on top of your VA zero-down benefit. On a $400,000 home, that's $6,000 back applied to closing costs. Stack your savings.

See How Bundle & Save Works →

VA Loan — Common Questions

How do I know if I qualify for a VA loan? +

VA eligibility generally includes veterans with 90 days of active duty during wartime or 181 days during peacetime, active-duty members with 90+ days served, National Guard and Reserve members with 6 years of service, and surviving spouses of qualifying veterans. The fastest way to confirm is to call us — we can help you pull your Certificate of Eligibility (COE) directly from the VA in minutes using their online system.

Can I really buy a home in Richmond with zero down payment? +

Yes — that's one of the core benefits of the VA loan program. Eligible veterans and active-duty military can purchase a home with no down payment whatsoever, as long as the purchase price doesn't exceed what the VA appraisal supports. There's also no loan limit for veterans with full entitlement, which means you can use zero down even on higher-priced homes in areas like Short Pump or Glen Allen.

What is the VA funding fee and do I have to pay it? +

The VA funding fee is a one-time fee paid to the VA to sustain the program. For first-time VA loan users with zero down, it's 2.15% of the loan amount. It can be rolled into your loan so you don't need cash out of pocket. Veterans with a service-connected disability rating of 10% or higher are completely exempt from the funding fee — a significant benefit worth confirming before you apply.

Can I use my VA loan benefit more than once? +

Yes. Your VA loan benefit is reusable. If you've paid off and sold a home purchased with a VA loan, your entitlement is typically fully restored and you can use it again. You can also have two VA loans at the same time in certain circumstances using remaining entitlement. We'll review your specific situation and tell you exactly what you have available.

Do VA loans have income limits? +

No — VA loans don't have income limits. You simply need to demonstrate sufficient income to afford the monthly payment. The key metric is your debt-to-income (DTI) ratio, which should typically be under 41%, though exceptions are made with compensating factors like significant cash reserves or strong credit history.

Can I use a VA loan to buy in Short Pump or Henrico County? +

Yes — VA loans are available throughout Virginia with no geographic restrictions. Richmond, Henrico, Chesterfield, Hanover, and all surrounding counties are all eligible. And because there's no loan limit for veterans with full entitlement, you can use zero-down VA financing even in Short Pump, where home prices often exceed $500,000.