The core VA loan benefits for veterans buying in Henrico County are no required down payment, no monthly mortgage insurance, and flexible credit and rate terms. Duane Buziak walks through each one below using Glen Allen-area numbers, so you can see what the benefits are worth in dollars and not just in bullet points.
The article covers a worked $450,000 example, the Henrico-specific details (local property tax relief, VA appraisal rules, and what to expect from Short Pump to Tuckahoe), and the steps to get started.
Written by Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC NMLS #376205
Buying With No Down Payment and Flexible Credit Standards
A VA loan works because the Department of Veterans Affairs guarantees a portion of the loan to the company funding it. That guarantee is your entitlement. With full entitlement, the guarantee covers enough of the risk that a funding company can approve 100% financing. Your proof of entitlement is the Certificate of Eligibility (COE), which you can request through VA.gov or have your mortgage broker pull for you.
A common misconception is that a VA loan comes from the VA. It does not. VA sets the program rules and provides the guarantee, but the loan itself is originated through private mortgage companies. That is where a broker matters: credit, income, and documentation standards differ by wholesale option, so a broker can compare several routes for the same veteran instead of offering one.
The practical effect of $0 down is cash flexibility. A 5% down payment on a $450,000 Glen Allen home is $22,500, and 20% is $90,000. With a VA loan, that money can stay available for moving costs, furniture, a fence, or a cash reserve, which matters when you are relocating to the Richmond area on a tight timeline.
On credit, VA itself does not set a minimum credit score. As of 2026, the companies that fund VA loans typically set their own minimums, called overlays, and those vary. That variation is another reason to compare options, though no broker can promise approval before reviewing your income, debts, and credit history.
No Monthly Mortgage Insurance, the Funding Fee, and Who Pays It
VA loans carry no monthly mortgage insurance. FHA loans charge an annual mortgage insurance premium, and conventional loans with less than 20% down usually require private mortgage insurance (PMI). On a VA loan, that line item is simply absent from your payment. For most veterans, this is the largest monthly difference between VA and the low-down-payment alternatives.
What VA charges instead is a one-time funding fee. As of 2026, VA.gov’s funding fee page lists these purchase rates for most borrowers:
- First use with $0 down: 2.15% of the loan amount
- Subsequent use with $0 down: 3.3%
- 5% or more down: 1.5%
- 10% or more down: 1.25%
Percentages can change, so confirm them on VA.gov before you budget. The fee can be financed into the loan instead of paid at closing.
Some veterans do not pay it at all. Exemptions include veterans receiving VA disability compensation, Purple Heart recipients, and certain surviving spouses. Your COE shows whether you qualify, so check it before you assume the fee applies.
Closing costs follow their own rules. VA limits which fees a veteran can be charged, and sellers can pay certain costs on the buyer’s behalf, within VA’s limits. Depending on the contract and the home, a veteran may be able to structure the purchase with no-out-of-pocket closing options. Whether that is realistic for your deal depends on the price, the seller’s willingness, and the terms negotiated.
A Worked Example: $450,000 Home in Glen Allen, VA Loan vs. Other Options
The following is an illustration, not a quote. It assumes a 30-year fixed rate of 6.25% for every scenario, a first-use VA borrower with no funding fee exemption, and estimated mortgage insurance figures. Actual rates and insurance costs depend on your credit, the property, and the day you lock.
VA loan, $0 down: $450,000 purchase price, funding fee of 2.15% ($9,675) financed into the loan, for a loan amount of $459,675. Principal and interest at 6.25% is about $2,830 per month, with no monthly mortgage insurance. Cash needed for the down payment: $0.
Conventional, 5% down: $22,500 down, a $427,500 loan, and principal and interest of about $2,632. Add PMI, which we will estimate at roughly 0.7% of the loan per year (about $250 per month; real quotes vary widely with credit score). The total is about $2,880 per month.
FHA, 3.5% down: $15,750 down and a base loan of $434,250. The upfront mortgage insurance premium of 1.75% ($7,599) is typically financed, bringing the loan to about $441,850 and principal and interest to about $2,720. An annual premium estimated at 0.55% adds roughly $200 per month, for a total of about $2,920 per month. Confirm current FHA premium rates on HUD.gov.
The VA payment is higher than the conventional loan’s principal and interest because the financed funding fee increases the balance, yet it still comes out lower once mortgage insurance is added, and you bring no down payment to closing.
| Feature | VA Loan | FHA / Conventional (low down) | Why It Matters |
|---|---|---|---|
| Down payment | $0 for eligible veterans with full entitlement | 3.5% FHA ($15,750 on $450,000); 5% conventional ($22,500) | Determines how much cash you need before closing day. |
| Monthly mortgage insurance | None | Annual MIP on FHA; PMI on conventional under 20% down | Recurring cost that raises your payment, often by $200 or more on this example. |
| Upfront fee | VA funding fee (2.15% first use, as of 2026); exempt for some veterans | FHA upfront premium of 1.75%; none on conventional | Both can be financed, so compare the total cost over the years you will hold the loan. |
| Cash-out refinance limit | Up to 100% of the home’s value (LTV) | Conventional cash-out is capped at 90% LTV | Sets how much equity you can access for repairs, debt payoff, or other needs. |
| Credit pull for pre-qualification | Soft-pull option available | Soft-pull option available; confirm before any credit is run | Lets you compare programs without lowering your score. |
The funding fee is a trade-off, not a hidden cost. It shows up in writing on your loan estimate, and the right question is whether the monthly savings from skipping mortgage insurance outweigh it for the number of years you plan to stay. If you want a side-by-side check on your own rate and fees, Duane Buziak’s Dare to Compare challenge puts another quote next to his.
VA Loan Benefits Specific to Henrico County: Tax Relief, Appraisals, and Neighborhoods
Henrico County has roughly 334,000 residents as of the 2020 Census, according to U.S. Census Bureau QuickFacts, and a large share of the housing stock was built across several decades. That mix shapes how VA rules play out locally.
Property tax relief
Virginia allows localities to exempt the primary residence of veterans rated 100% permanently and totally disabled from a service-connected condition (see Virginia Code § 58.1-3219.5), and Henrico administers a program for this. Eligibility details, including surviving-spouse rules, are handled by the Henrico County Real Estate Assessment office. Confirm current requirements and deadlines with them before you count on the savings, since rules are set locally and can change.
Appraisals and Minimum Property Requirements
Every VA purchase requires a VA appraisal, which includes Minimum Property Requirements (MPRs): the home must be safe, sound, and sanitary. In practice, an older home near Tuckahoe or Lakeside with a worn roof or peeling exterior paint may need repairs before closing, while newer construction in Wyndham, Twin Hickory, or Short Pump typically has fewer issues. That does not make older homes off limits. It means your offer should account for possible repair negotiations, and your agent should look at condition before you write.
Loan limits
Since 2020, there is no VA loan limit for veterans with full entitlement. Funding companies still cap what they will approve based on your income and the property. For context, the 2026 conforming baseline is $832,750, with a high-cost ceiling of $1,249,125, per FHFA. Henrico falls under the baseline figure, but it is useful context for buyers shopping at Innsbrook and Short Pump price points, where a purchase above the baseline with a small down payment may be approved differently. Verify current limits before you plan around them.
The Richmond region also has a real military footprint. Defense Supply Center Richmond sits in neighboring Chesterfield County, not Henrico, and many service members and civilian employees live on the Henrico side of the metro area.
How Duane Buziak Helps Henrico Veterans Get Started
Duane Buziak is a mortgage broker based in Glen Allen who works with Henrico County buyers and homeowners, helping families find their new homes since 2014. His office is at 4860 Cox Rd, Glen Allen, VA 23060, a short drive from Short Pump, Innsbrook, and the Deep Run Park area.
The process is straightforward:
- Get your Certificate of Eligibility. Request it on VA.gov, or ask Duane to pull it for you.
- Gather your service proof. A DD-214 or, for active duty, a statement of service.
- Collect income and asset documents. Recent pay stubs, W-2s or tax returns, and bank statements.
- Request a pre-qualification. This sets a realistic price range before you tour homes.
Duane’s NoTouch Credit Pull is a soft-pull pre-qualification, so it does not affect your credit score while you compare options. That matters when you are weighing VA against other programs and want to see numbers without taking a hit first.
As a broker, Duane is not limited to a single product shelf. He can match your program and rate needs against multiple wholesale options, then recommend the one that fits your situation. The result is a loan built around your goals, not a lender’s menu.
Questions about whether a refinance makes sense later, such as a VA Interest Rate Reduction Refinance Loan (IRRRL), a streamlined option for lowering the rate on an existing VA loan, are part of the same conversation. You can reach Duane directly at 804-212-8663.
VA Loan Questions Henrico Veterans Ask
Can I use a VA loan more than once?
Yes. As of 2026, you can use your VA home loan benefit multiple times, and entitlement can be restored after a prior loan is paid off or in certain other situations. Using it again may carry a higher funding fee. See VA.gov’s entitlement page for details.
Do I need a down payment?
Not if you have full entitlement and the purchase price is supported by the appraisal. As of 2026, eligible veterans can finance 100% of the home’s value. A down payment of 5% or more lowers the funding fee. Confirm your eligibility through the VA.gov eligibility page.
Is there a VA loan limit in Henrico?
No dollar limit applies to veterans with full entitlement as of 2026. However, companies funding VA loans set their own approval caps based on income, debts, and the property. If you have used entitlement before and not restored it, remaining entitlement can limit how much you can borrow without a down payment.
Who is exempt from the funding fee?
Veterans receiving VA disability compensation, Purple Heart recipients, and certain surviving spouses are generally exempt as of 2026. Your Certificate of Eligibility shows whether you qualify. Check the current list on VA.gov’s funding fee page, since exemption categories and percentages can change.
Does a VA loan require mortgage insurance?
No. VA loans have no monthly mortgage insurance, PMI, or MIP. Instead, most borrowers pay a one-time funding fee, which can be financed into the loan. Veterans who are exempt from the fee pay neither, which makes the VA payment especially low compared with FHA or low-down conventional.
Can I buy a condo or townhome in Short Pump or Innsbrook?
Yes, with conditions. Townhomes are generally treated like other single-family properties, while condominiums must be in a VA-approved project. Ask your broker to check a condo’s status before you make an offer, since an unapproved project can stop a VA purchase late in the process.
Can I do a VA cash-out refinance, and how much equity can I access?
Yes. As of 2026, a VA cash-out refinance can go up to 100% of the home’s value, compared with a 90% maximum on conventional cash-out. Individual companies may set tighter limits. See VA.gov’s cash-out refinance page for the program rules.
Does pre-qualification hurt my credit?
Not with Duane Buziak’s NoTouch Credit Pull. It is a soft pull, so your score is not affected while you review options. A hard credit inquiry comes later, when you move forward with an application. Ask any provider which type of pull they run before you agree.
Start With a Credit-Safe Look at Your VA Numbers
For a veteran buying in Henrico, the combination of no down payment, no monthly mortgage insurance, and flexible terms can meaningfully lower the cash needed to buy and the payment you carry afterward. The funding fee and appraisal rules are worth planning around, but they rarely erase the advantage. The real answer for your situation comes from your own numbers.
Your dream home in Henrico County is closer than you think. Discover exactly what you can afford with our credit-safe pre-qualification process that protects your score while unlocking your options. Get pre-qualified today and take the first step toward homeownership with a local mortgage expert who understands your community. You can also call Henrico Mortgage by Duane Buziak at 804-212-8663.