Georgia is home to a large military community, from Fort Moore and Fort Stewart to Robins Air Force Base and thousands of veterans who settled here after service. A lot of them are still renting, or paying mortgage insurance on a conventional loan, because nobody ever sat down and explained what their VA benefit is actually worth.
It is worth a lot. A VA loan is the strongest mortgage program in the country for the people who qualify, and it is not close. Here is how it works in Georgia in 2026, what it costs, and the details that cost veterans money when they get missed.
What makes a VA loan different
Three things, and each one is worth real money.
Zero down payment. You can finance 100% of the purchase price. Not 3.5%, not 3%. Zero. On a $350,000 home, that is $350,000 you do not have to save.
No monthly mortgage insurance. This is the one people underestimate. FHA loans carry mortgage insurance for the life of the loan. Conventional loans require PMI until you hit 20% equity. A VA loan has neither. That is a few hundred dollars a month that stays in your pocket for as long as you own the home.
Competitive rates. Because the loan is backed by the Department of Veterans Affairs, VA rates tend to run at or below conventional rates, even with no money down.
Put those together and a VA loan frequently beats every other option available, which is exactly why it is worth understanding before you default to something else.
Who is eligible
Eligibility comes down to service history, and the rules are broader than many people assume. Generally, you may qualify if you are:
- A veteran who meets the service requirements for your era
- An active-duty service member who has served a minimum continuous period
- A National Guard or Reserve member who meets service thresholds
- A surviving spouse of a service member who died in the line of duty or from a service-connected disability, in many cases
The proof is a document called the Certificate of Eligibility, or COE. It confirms to the lender that you have VA entitlement and how much. You can request it yourself through the VA, or your lender can usually pull it in minutes. We do this for clients all the time and it is rarely a hassle.
One thing worth clearing up: your benefit does not expire, and it is not one-and-done. You can use a VA loan more than once over your lifetime, and entitlement you used on a prior home can often be restored once that loan is paid off.
What a VA loan actually costs: the funding fee
There is no monthly mortgage insurance, but there is a one-time charge called the VA funding fee. It exists to keep the program self-sustaining rather than taxpayer-funded, and the amount depends on two things: whether this is your first time using the benefit, and how much you put down.
For purchase loans in 2026:
- First-time use, less than 5% down: 2.15% of the loan amount
- Subsequent use, less than 5% down: 3.3%
- Any use, 5% to 9.99% down: 1.5%
- Any use, 10% or more down: 1.25%
- VA streamline refinance (IRRRL): 0.5%
On a $300,000 first-time purchase with nothing down, the 2.15% fee comes to $6,450. Most buyers roll it into the loan rather than pay cash at closing, though paying it upfront saves you interest over time.
Notice the down payment tiers. Putting 5% down drops a first-time fee from 2.15% to 1.5%, and it wipes out the subsequent-use penalty entirely. If you have some cash and you are a repeat user, that math is worth running before you assume zero down is automatically best.
The exemption too many veterans miss
If you receive VA disability compensation, you are exempt from the funding fee entirely. Any rating that results in compensation qualifies. There is no minimum percentage.
That is not a small detail. On that same $300,000 loan, the exemption saves $6,450 outright. Surviving spouses receiving Dependency and Indemnity Compensation and active-duty Purple Heart recipients are also exempt.
Two things that trip people up. First, the exemption has to be documented on your COE before closing, so confirm it early rather than assuming your lender caught it. Second, timing matters: if your disability rating becomes effective before closing, the fee is waived. If it lands after, you are looking at a refund process that takes months. And if you were approved for a rating retroactively after you already closed and paid, you can request a refund. A lot of veterans never do, because nobody told them.
This is the kind of thing we check on every VA file, because it is free money and it is easy to leave on the table.
Credit, income, and the other requirements
The VA does not set a minimum credit score. Lenders do, and most look for something in the low-to-mid 600s, though it varies. Because we are a broker, we can shop your file across lenders with different standards instead of accepting the first no.
Beyond credit, expect:
Residual income. This is a VA-specific rule and it is one of the smartest things about the program. Rather than looking only at debt-to-income ratios, the VA checks how much money you have left over each month after your mortgage, debts, and basic living expenses. It is a real-world affordability test, and it is a big reason VA loans have historically performed so well.
Primary residence. VA loans are for homes you live in. You generally need to occupy the home within a reasonable time after closing. This is not an investment property program, though a two-to-four-unit home works if you live in one unit.
A VA appraisal. The VA orders its own appraisal, which checks value and confirms the home meets Minimum Property Requirements for safety and livability. Like an FHA appraisal, it can flag repairs that need attention before closing. Worth knowing if you are shopping older homes.
Loan limits. For veterans with full entitlement, there is effectively no VA loan limit. You are limited by what you can qualify for, not by a county cap. Veterans with partial entitlement, meaning you have an active VA loan or previously defaulted, do have limits tied to the conforming loan limit, which is $832,750 statewide in Georgia for 2026.
Refinancing with a VA loan
Your benefit does not stop at the purchase. Two options matter.
The IRRRL, or Interest Rate Reduction Refinance Loan, is the VA streamline. If rates drop below what you have, this refinances you into a lower rate with minimal documentation, often no appraisal, and a funding fee of just 0.5%. It is one of the cleanest refinances in the business.
The VA cash-out refinance lets you tap equity, replacing your mortgage with a larger VA loan. The funding fee here follows the first-use and subsequent-use structure, 2.15% or 3.3%, and down payment tiers do not apply.
If you already have a VA loan and rates have moved, it is worth a five-minute conversation. That is the whole reason we tell clients to call us when rates change, even if we are not the ones who wrote the original loan.
Getting started
The VA loan process looks like any other mortgage, with a few VA-specific steps layered in.
- Talk it through and get your COE. We confirm eligibility and pull the COE. If you might be funding-fee exempt, we verify it now, not at closing.
- Get pre-approved. You get a letter that makes your offer competitive. In a market where sellers see multiple offers, a solid pre-approval matters.
- Shop your home. Keep the VA appraisal standards in mind on older properties.
- Appraisal and underwriting. The VA appraisal is ordered and your file goes through.
- Close. No down payment required, no PMI, and the funding fee handled the way you chose.
Before you work with any lender, verify their license for free at NMLS Consumer Access. It takes thirty seconds and it is a good habit with anyone handling your mortgage.
Frequently asked questions
Do VA loans really require no down payment?
Yes. Eligible veterans with full entitlement can finance 100% of the purchase price with no down payment and no monthly mortgage insurance. You will still need funds for closing costs, though sellers can contribute toward those and the funding fee can be rolled into the loan.
How much is the VA funding fee in 2026?
For a first-time purchase with less than 5% down, the fee is 2.15% of the loan amount. Subsequent use is 3.3%. Putting 5% or more down drops it to 1.5%, and 10% or more drops it to 1.25%. A VA streamline refinance is 0.5%. Veterans receiving disability compensation pay nothing.
Can I use a VA loan more than once?
Yes. Your VA benefit does not expire and is not limited to one use. Entitlement used on a previous home can often be restored after that loan is paid off, and in some cases you can hold more than one VA loan at a time with partial entitlement.
What credit score do I need for a VA loan in Georgia?
The VA does not set a minimum. Individual lenders do, and many look for roughly 620 or higher, though standards vary quite a bit between lenders. Because a broker shops multiple lenders, a score that gets declined in one place can still get approved in another.
Is there a VA loan limit in Georgia?
For veterans with full entitlement, there is effectively no loan limit. What you can borrow depends on your income, credit, and ability to repay. Veterans with partial entitlement are subject to limits tied to the conforming loan limit, which is $832,750 across Georgia in 2026.
You earned this benefit. Let’s make sure you use all of it.
A VA loan is the best mortgage most veterans will ever have access to, and the details, entitlement, the funding fee exemption, residual income, are exactly where an experienced lender earns their keep.
See our VA loan program, then talk to a Cedar Mill loan officer about your service and your goals. We will pull your COE, check your exemption status, and shop your loan across our lender network. No credit pull until you are ready.
Or call us at (770) 928-8985.
