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Partner with a VA-approved lender for a quick, hassle-free process.

See What You Qualify For

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$0 Down Payment



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Loan Limits
No Limit with Full Entitlement

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Competitive Interest Rates
Often Lower than Conventional Loans



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Insurance & Premiums
No PMI (Private Mortgage Insurance) or MIP (Mortgage Insurance Premium)

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Fewer Closing Costs



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Early Payoff Fees
No Penalty Fee


scissors cutting moneyPowerful Benefits for Veterans

Guaranteed by the U.S. Department of Veteran Affairs, VA loans help Veterans, active-duty members and military spouses purchase and refinance homes with competitive interest rates, flexible credit guidelines, and little to no down payment requirement. Several variations exist, including VA Purchase Loan, VA Interest Rate Reduction Loan (IRRL), also called VA Streamline Loan and VA Cash-Out Refinance.

Get a jump on house hunting by getting pre-approved, and find out how much you may be eligible to borrow.

See What You Qualify For

VA Purchase Loan

  • $0 down payment
  • Borrow up to the maximum conforming loan limit
  • No Private Mortgage Insurance (PMI)
  • No pre-payment penalty

VA Interest Rate Reduction Loan (IRRL)

  • Easily refinance an existing VA Loan with a new one under different terms
  • Convert a VA loan with an adjustable rate to a fixed-rate
  • No appraisal needed in most instances
  • No requirement for out-of-pocket costs

VA Cash-Out Refinance

  • Take cash-out of your home equity to pay off debt, make home improvements, or whatever else you may need.
  • Refinance a non-VA loan into a VA-backed loan.
  • Eliminate Private Mortgage Insurance (PMI) if your current mortgage is a conventional or FHA loan.
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VA Home Loan Requirements

Veterans, active-duty members and military spouses are eligible for VA loans if they meet one or more of the following requirements:

  • The service member has been on active duty for more than 90 days.
  • The service member has at least six years of service for the Reserves or National Guard.
  • The service member has 90 cumulative days of active service under Title 10 or Title 32.
  • You are the spouse of a service member who died in the line of duty or because of a disability they received during service.

Get Started with Midland States Bank

Picking Midland States Bank as your VA home loan lender has numerous benefits, including:

  • Continuous guidance: We have mortgage loan originators to guide you through the entire approval process and answer your questions.
  • Fast turnarounds: We offer low rates and fast closings for those qualified for a VA home loan.
  • Digital applications: Our team provides online applications to make applying for a VA loan easier from your phone, computer or tablet.

Midland States Bank offers a full roster of mortgage and VA loan services. We proudly serve locations throughout Missouri and Illinois and use our online presence to make loan applications more efficient.

Frequently Asked Questions

VA Loan Entitlement refers to the dollar amount of guarantee that the Department of Veterans Affairs (VA) will provide to a lender in the event of default on a VA loan. It is essentially the VA's promise to reimburse a portion of the loan to the lender if the borrower is unable to make the mortgage payments.

VA Loan Entitlement is typically expressed as a specific dollar amount, which represents the maximum loan limit that the VA will guarantee for a qualified borrower. The entitlement amount can vary depending on factors such as the borrower's military service and the location of the property being financed.

In most cases, the VA guarantees up to 25% of the loan amount, with a maximum entitlement limit determined by the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for the specific county where the property is located. VA Loan Entitlement does not represent the total amount a borrower can borrow. It signifies the portion of the loan that the VA guarantees to the lender.

According to the US Department of Veterans Affairs, you have full entitlement if you meet any of these requirements.

At least one of these must be true:

  • You’ve never used your home loan benefit
  • You’ve paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored)
  • You’ve used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) and repaid us in full

If you have questions about loan entitlement, our VA-approved lenders would be happy to talk to you about your options.

No, you will not have to pay PMI for a VA loan. VA loans are government-backed loans that do not require a down payment, so there is no need to pay PMI in case you default on your loan. However, you will have to pay a one-time VA funding fee, which can vary from 0% – 3.3% based on your status with Veteran Affairs. This fee helps to offset the cost of the VA loan program and makes it available to more Veterans.

If you have reached full entitlement, you can borrow as much as the lender is willing to provide. Your lender will discuss VA home loan limits if you have not reached full entitlement.

No. You can get a VA loan multiple times if you meet the requirements, such as selling your home and paying off the initial VA loan.

No, VA loans are not interest free. However, they do have some advantages over other types of loans, such as no down payment required and no private mortgage insurance (PMI). VA loans also typically have lower interest rates than conventional loans. Here are some of the pros and cons of VA loans:



  • No down payment required
  • No private mortgage insurance (PMI)
  • Competitive interest rates
  • Lower closing costs
  • Easier to qualify
  • Convenient refinancing options



  • VA funding fee (0% to 3.3%)
  • May have to pay closing costs upfront
  • Borrowers must meet eligibility requirements
  • Loan limits vary by county


If you are a Veteran or active duty service member, a VA loan may be a good option for you. However, it is important to compare all of your options before making a decision.

The maximum amount for a VA loan depends on your location. In most counties, the maximum loan amount is $726,200 in 2023. However, in some high-cost areas, the maximum loan amount is higher. If you are a Veteran and are considering a VA loan, you should talk to a lender to find out how much you can borrow. Our mortgage specialists are here to help guide you through the process.

Yes, a family member can use your VA loan if they are a co-borrower on the loan and meet specific criteria. The U.S. Department of Veteran Affairs allows co-borrowers on VA loans if they are your spouse or are a former or current member of the military. The co-borrower must meet the same eligibility requirements as the Veteran, such as being a U.S. citizen and having good credit.

Here are some of the benefits of having a family member as a co-borrower on a VA loan:

  • You can combine incomes to qualify for a larger loan amount.
  • The co-borrower can help you make monthly payments if you are unable to.
  • The co-borrower can inherit the property if you die.

If you are considering having a family member as a co-borrower on your VA loan, be sure to talk to one of our specialists to learn more about the pros and cons.

Yes, you can use your VA loan on 2 properties, but there are some restrictions. You can only use your VA loan on 2 properties if you intend to make one of the properties your primary residence. You can also use your VA loan on a second property if you are moving for work or other military-related reasons. The VA loan program is not designed to directly finance investment properties. Your primary intention at the time of purchasing the home must be as the owner-occupant rather than for investment purposes. If you are not sure if you qualify to use your VA loan on 2 properties, you should talk to our VA-approved lenders.

Here are some additional things to keep in mind if you are considering using your VA loan on 2 properties:

  • You will need to have enough entitlement to cover both properties.
  • You will need to be able to afford the monthly payments on both properties.
  • You will need to meet the VA's occupancy requirements for both properties.

If you are interested in using your VA loan on 2 properties, you should talk to one of our VA-approved lenders to learn more about your options.

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Let’s Get Started

Ready to start the mortgage process? Contact one of our mortgage experts today to learn more about your options or get pre-approved to see an estimate of what you can afford.

See What You Qualify For