VA Home Loans
Pennymac is proud to support our nation’s heroes through the VA home loan program. A VA mortgage is guaranteed by the United States Department of Veterans Affairs, and is available to eligible veterans, service members and surviving spouses. The program offers numerous benefits, such as $0 down payment options, competitive interest rates, flexible credit requirements and timely savings through streamline refinancing.
Explore My Options
A VA Home Loan May Be a Great Fit if You:
A VA Home Loan May Be a Great Fit if You:
- Are a qualifying active duty, veteran service member or surviving spouse, and
- Want to buy a home, lower your rate or tap into available home equity
- Use the home as your primary residence
See What a VA Home Loan Can Do for You:
See What a VA Home Loan Can Do for You:
Buy a home with $0 down* 
Save on interest with lower rates 
Qualify easier with relaxed credit requirements 
Pay less every month with no mortgage insurance needed 
Benefit from relaxed credit requirements Today's VA Home Loan Rates
A Pennymac Loan Expert can help you find the best rate and loan type to suit your goals.
Get my custom rateRates display is temporarily unavailable.
For a rate quote, please call a Pennymac Loan Officer at (866) 549-3583.
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Discount points apply, view assumptions for details. Rates valid on: and are subject to change without notice.
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VA Purchase Loan
- Skip the down payment, unlike conventional or FHA loans*
- Be free from mortgage insurance
- Save with lower interest rates than other loans
- Finance the funding fee into the loan, if desired
- Qualifying active duty or former service members and surviving spouses buying a primary residence
VA Streamline (IRRRL) Refinance
- Lower your mortgage rate and payment
- Skip the appraisal and income verification
- Close quickly with $0 out of pocket (typically)
- Current VA loan holders looking to take advantage of lower interest rates and timely mortgage payment savings
VA Cash-Out Refinance
- Tap into your available home equity to obtain cash
- Consolidate your bills into one low monthly payment
- Renovate or repair your home and potentially receive a tax benefit**
- Cover unplanned expenses and fund personal endeavors
- Eligible VA homeowners who wish to monetize their available home equity
- Those whose home value has increased significantly over time
**Consult a tax adviser for further information regarding the deductibility of interest and charges.
We Support Our Veterans
Pennymac supports our nation’s heroes by offering VA loans. In the first quarter of 2025, Pennymac provided $5.18 billion to the military community.* We’re honored to extend our veteran support beyond the VA loan program and support the recruitment of active, reserve, veteran and retired military employees.
Nearly 500,000 VA Loans
Pennymac services nearly 500,000 VA loans on behalf of service members, veterans and their families - of these, over 10,000 have been added through the first quarter of 2025.*
#3 VA Loan Servicer in the U.S.
With over $125 billion covering nearly half a million VA loans on behalf of service members, veterans, and their families, we are the third largest VA Loan Servicer nationwide.**
$5.18 billion financed in the first quarter of 2025
In the first quarter of 2025, Pennymac financed $5.18 billion VA loans.*
**According to Inside FHA/VA Lending Top VA Servicer by dollar amount for the first quarter 2025.
Frequently asked questions about VA home loans
Active duty and veteran service members along with qualifying surviving spouses may be eligible for a VA loan. You can request a Certificate of Eligibility from the U.S. Department of Veterans Affairs, which you will want to share with your lender. Listed below are some generally known qualifying conditions of service:
- 181 days of service during peacetime (active duty)
- 90 days of service during wartime (active duty)
- Six years of service in the Reserves or National Guard
- Spouse passed away due to service-related complications
Keep in mind that the minimum service requirements for veterans depend on when you served. You will also need to meet all VA and lender credit, income and employment requirements to obtain a VA home loan.
We are proud to support our nation’s heroes with the VA home loan program, helping them to reach the invaluable milestone of homeownership.
Pennymac also understands that our people are essential to our continued growth and leadership in the mortgage industry. That’s why we have worked with veterans groups such as DAV/RecruitMilitary to help us actively recruit America’s highest quality talent. During 2024, Pennymac also proudly announced its participation in the U.S. Army Partnership for Your Success (PaYS) program. This significant step formalized our deep commitment to supporting military veterans as they transition to civilian careers. Taking support beyond solely providing VA loans, our work with these groups allows veterans to continue developing their skills and expand their experience in a customer-centric environment that emphasizes high ethical standards, open communication and excellence.
Pennymac proudly offers VA loan products designed to help our service members and veterans and their families achieve homeownership. As of the first quarter of 2025, we have supported over 1 million service members and veterans who have utilized the federal government’s VA home loan program to buy or refinance a home.
As one of the largest direct lenders and servicers in the country, Pennymac specializes in VA home loans. We are committed to offering our service members and veterans great rates on VA loans of all types, so they can find the home that fits their lifestyle as well as save on the mortgage for their existing home.
Following the Blue Water Navy Vietnam Veterans Act of 2019, VA loan limits were effectively eliminated for most eligible borrowers. For veterans and service members with their full VA loan entitlement, the Department of Veterans Affairs no longer caps the loan amount they can secure without a down payment. It's crucial to understand that the VA doesn't limit how much you can borrow, but rather how much of the loan it will guarantee for a lender. For those with full entitlement, this guarantee allows them to finance 100% of a home's value, provided they have sufficient income and meet the lender's credit requirements.
However, for veterans who have a partial entitlement — for example, because they have an active VA loan or have defaulted on one in the past — the conventional conforming loan limits set by the Federal Housing Finance Agency (FHFA) still play a role. These limits are used to calculate the maximum amount the VA will guarantee for that borrower, and a down payment may be required for loans that exceed this calculated amount.
A VA loan guaranty is the promise made by the U.S. Department of Veterans Affairs (VA) to a private mortgage lender to guarantee reimbursement of a certain portion of a VA loan in the event that the borrower defaults on the loan. This sort of insurance allows for a reduced risk to mortgage lenders, enabling them to offer more favorable terms for those eligible for VA loans.
The VA loan funding fee is a one-time payment made to the Department of Veterans Affairs for any VA loan obtained. The fees help support the VA loan program and reduce the burden on taxpayers, as they are used to cover the costs associated with any borrower defaulting on a VA loan. The actual amount is typically a percentage of the loan balance, and will vary depending on loan type, down payment, and whether it’s the borrower’s first or subsequent use of their VA loan benefit. You are able to avoid paying this fee out of pocket at the onset of the loan by financing it into the loan amount. There are also circumstances that allow certain service members and veterans to be exempt from paying the fee. Your Certificate of Eligibility should reveal your exemption status.
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