Mortgage Glossary
VA Loan
A government-guaranteed mortgage for eligible service members, veterans, and surviving spouses — offering 0% down on primary residences.
What is a VA loan?
A VA loan is a residential mortgage guaranteed by the U.S. Department of Veterans Affairs and originated by private lenders. The VA itself doesn’t lend — instead, it guarantees a portion of the loan against borrower default, which lets participating lenders offer terms that would be impossible on a non-guaranteed loan.
Eligible borrowers are active-duty service members who’ve completed minimum service requirements, honorably discharged veterans, members of the National Guard and Reserve who meet service criteria, and certain surviving spouses. Eligibility is established via a Certificate of Eligibility (COE) from the VA.
Key VA characteristics:
- 0% down payment available
- No private mortgage insurance (PMI)
- Funding fee charged at closing (varies by service status, down payment, and first-use vs subsequent-use); some veterans are exempt
- Primary residence only — must occupy within 60 days of closing
- 1–4 unit residential property eligible if owner-occupies one unit
- Competitive rates relative to conventional
These materials are not from the VA and were not approved by any government agency.
Not offered by TQL — here’s where TQL fits for veterans
Total Quality Lending does not originate VA loans. Veterans seeking a VA-guaranteed primary residence loan should work with a VA-approved lender.
Where TQL becomes relevant for a veteran investor:
- You used your VA benefit on your primary residence and now want pure investment property — TQL DSCR qualifies on the property’s rental income
- You’re scaling a rental portfolio beyond what VA or conventional investor financing can support — Multi-Unit DSCR for 5–8 unit buildings
- You’ve transitioned to self-employed income and need alt-doc qualification — TQL Prime Time with bank statement, 1099, P&L, or asset utilization paths
- You want to hold properties in an LLC (which VA doesn’t allow)
FAQs
Does TQL offer VA loans?
No. Total Quality Lending does not originate VA loans. We are a non-QM specialty lender focused on investor and self-employed borrowers. Veterans seeking a VA-guaranteed primary residence loan should work with a VA-approved lender. These materials are not from the VA and were not approved by any government agency.
Can a veteran use TQL for investment property?
Yes. While VA loans are limited to primary residences (or 1–4 unit primaries where one unit is owner-occupied), veterans who want to buy pure investment property can use Total Quality Lending's DSCR program. There's no military-status restriction — eligibility is based on the property's rental cash flow.
Can I refinance my VA loan into a TQL product?
Yes, if it makes sense for your situation. A VA-to-non-QM refinance is unusual (most veterans keep the VA loan for its rate advantages), but possible — for example, if you want to take cash out beyond VA cash-out limits, or move the property into an LLC for liability protection (which VA doesn't allow). Talk to a loan officer about your specific scenario.
Get a quote from a real human
Talk to a loan officer about TQL’s DSCR and Prime Time programs for veterans building investment portfolios.