VA loan
$0 down and no monthly mortgage insurance for those who served
Guaranteed by the Department of Veterans Affairs for eligible veterans, service members and surviving spouses.
VA loan: how it works
VA loans are one of the strongest mortgage benefits available. Eligible borrowers can buy with no down payment, no monthly mortgage insurance and competitive fixed rates. The Department of Veterans Affairs guarantees part of the loan, which is why lenders can offer these terms.
Instead of mortgage insurance, most borrowers pay a one-time VA funding fee, which can be financed. Veterans receiving compensation for a service-connected disability are exempt, and so are Purple Heart recipients on active duty.
Our VA team includes two loan officers who served, and we work with buyers from Hanscom Air Force Base, the Coast Guard stations on the South Shore and Guard units across the state.
What's included with Harborview
- Purchase with no down payment
- VA Interest Rate Reduction Refinance (IRRRL)
- VA cash-out refinance up to 90% of value
- Condos on the VA approved list
- 2 to 4 unit homes when you live in one unit
- Seller concessions up to 4%
The process, step by step
Your loan officer stays with you the whole way, and you get status updates by text at every milestone.
Certificate of Eligibility
We pull your COE online in minutes in most cases.
Pre-approval
Income and credit review with a VA-specific residual income check.
VA appraisal
The VA assigns an appraiser and issues a Notice of Value.
Closing
Your funding fee can be rolled in so you bring little cash to closing.
Benefits worth knowing
No down payment
Keep your savings for moving costs, repairs or an emergency fund.
No monthly MI
Save roughly $150 to $300 a month compared with low-down conventional or FHA.
Reusable benefit
Your entitlement restores after you sell, so you can use it again.
Qualifying guidelines
General guidelines only. Exceptions and overlays apply, and your loan officer will review your situation.
| Factor | Guideline |
|---|---|
| Eligibility | Based on service length and discharge type, shown on your COE |
| Credit score | 600 minimum at Harborview |
| Residual income | Monthly income left after major expenses must meet VA tables |
| Debt-to-income | 41% guideline, higher with sufficient residual income |
| Occupancy | Primary residence only |
Related programs
RefinanceRate-and-term refinance
Replace your current mortgage with one that fits where you are now, with a break-even analysis before you commit.
Learn more
Buy a homeUSDA loan
USDA Rural Development loans help moderate-income buyers purchase in eligible towns across central and western Massachusetts.
Learn more
Buy a homeFirst-time buyer programs
MassHousing, ONE Mortgage and down payment assistance options, plus a loan officer who walks you through every step.
Learn more
VA questions
More answers in our full FAQ.
Yes. Entitlement is restored when you sell and pay off the loan, and you may have remaining entitlement to buy again while keeping your first home.
Unremarried surviving spouses of service members who died in service or from a service-connected disability are often eligible and exempt from the funding fee.
Borrowers with full entitlement have no loan limit, though you still need to qualify for the payment.
Ready to see your VA numbers?
A pre-approval takes about 10 minutes online and does not affect your credit score. A local loan officer follows up the same day.
- Soft credit check
- 24-day average close
- 4.9 from 1,284 reviews
