Can You Buy a Home in Quincy MA With a VA Loan and Zero Down Payment?
Last updated: October 23, 2026
FRESHNESS: rate/stat-dependent (VA funding fee percentages, conforming loan limit, Quincy median price and tax rate; re-verify each quarter)
BUYER EDUCATION
Can You Buy a Home in Quincy MA With a VA Loan and Zero Down Payment?
November 7, 2026 | By Krista Recker
Yes. Eligible veterans, active-duty service members, and certain surviving spouses may be able to buy a primary residence in Quincy with $0 down and no monthly mortgage insurance. With full entitlement the VA sets no maximum loan amount, but you still need lender approval, an acceptable appraisal, and a home that meets VA requirements. Unless you are exempt, a first-use purchase with less than 5% down carries a one-time VA funding fee of 2.15% (3.30% on later uses), and $0 down does not mean $0 cash at closing.
I am a real estate salesperson and investor, not a lender, so use this as the framework and get a written VA pre-approval and Certificate of Eligibility before you start making offers.
Who this applies to
This is written for you if any of the following is true:
- You are a veteran, active-duty service member, National Guard or Reserve member, or surviving spouse who has not yet used your VA home loan benefit, or who has restored it.
- You are looking at a Quincy single-family, condo, or 2 to 4 family and do not want to drain savings for a 20% down payment (about $136,000 on a $680,000 home).
- You have heard that sellers do not like VA offers and want to know whether that is still true.
It does not apply if you are not VA eligible, or if you want to buy a pure investment property. VA loans require you to live in the home as your primary residence, usually within 60 days of closing.
How much does a VA loan cost in Quincy compared with other loans?
On a $680,000 Quincy purchase, a VA loan can mean $0 down, while a conventional loan can start at 3% down (20% down generally avoids PMI) and an FHA loan needs 3.5% down. The VA charges no monthly mortgage insurance, while FHA charges it and conventional loans charge private mortgage insurance (PMI) when you put down less than 20%.
| Loan type | Down payment on a $680,000 Quincy home | Monthly mortgage insurance | Best fit |
|---|---|---|---|
| VA | $0 (full entitlement) | None | Eligible veterans who plan to live in the home |
| FHA | $23,800 (3.5%) | Yes, plus a 1.75% upfront premium; with less than 10% down the monthly premium lasts for the loan term | Non-veterans with lower credit scores and limited savings |
| Conventional with PMI | $20,400 at 3% down, $136,000 at 20% down | PMI is generally required below 20% down; you can request cancellation at 80% of the original value, and it ends automatically at the scheduled 78% point if payments are current | Buyers with strong credit and savings who are not VA eligible |
Figures checked against the U.S. Department of Veterans Affairs, HUD, and Consumer Financial Protection Bureau guidance in October 2026. The $680,000 price is an illustrative round number, not a quote on any specific home. Zillow reported an average Quincy home value of about $674,000 as of September 30, 2026, which is a home value estimate and not a median sale price.
What is the VA funding fee and who does not pay it?
The VA funding fee is a one-time charge that you can roll into the loan. For a purchase with no down payment, it is 2.15% for first use and 3.30% for each later use. The fee is lower with a down payment: for first and later uses alike it is 1.5% with at least 5% but less than 10% down, and 1.25% with 10% or more down. It applies to the base loan amount.
You pay no funding fee if you receive VA compensation for a service-connected disability, if you are eligible for that compensation but receive retirement or active-duty pay instead, if you are a surviving spouse receiving Dependency and Indemnity Compensation, or if you are an active-duty Purple Heart recipient who provides evidence by closing. Have your lender confirm your status from your Certificate of Eligibility.
On a $680,000 base loan with $0 down and a first-use fee of 2.15%, the fee is $14,620, so your loan becomes $694,620 if you finance it. Figures checked against the VA's published funding fee schedule in October 2026. Confirm the current rates with your lender before you budget.
Is there a VA loan limit in Quincy MA?
For most eligible buyers, no. Since January 1, 2020, veterans with full entitlement have had no VA-set maximum loan amount, and the VA guarantees 25% of the loan. Your borrowing power is set by your income, debts, credit, and the appraised value, not by a county cap.
A limit does matter if you have partial entitlement, for example because you still have an active VA loan or a prior one you did not restore. In that case the VA uses the one-unit conforming limit for the county, even on a 2 to 4 family. For Norfolk County, where Quincy sits, the 2026 limit is reported at $962,550, compared with the $832,750 national baseline. Remaining entitlement is generally 25% of that county limit minus entitlement already used, and depending on your price you may need a down payment on part of it. Ask your lender to run your remaining entitlement from your Certificate of Eligibility before you shop.
Can you use a VA loan on a Quincy condo or multi-family?
You can, with conditions. A condo generally must be in a VA-approved project. If the building is not on the approved list, your lender can determine whether to submit it to the VA for review, which takes time, so confirm approval status before you write an offer. This matters in Quincy, where condos are a large share of the starter market.
You can also buy a 2, 3, or 4 family with a VA loan as long as you live in one unit. Income from the other units may help you qualify, subject to the lender's rental income, documentation, and reserve requirements, so do not assume all projected rent will count. This is one of the strongest wealth-building uses of the benefit in a city with Quincy's rental demand.
Will a seller in Quincy accept a VA offer?
Yes, if the offer is strong and the home passes the VA appraisal. The old reputation that VA offers are weak comes from the VA appraisal and its minimum property requirements, not from the buyer. Required repairs or a value shortfall can affect financing and closing, and the VA appraisal is not a home inspection. A low appraisal can also leave a cash gap you would need to cover.
Here is how to make a VA offer competitive:
- Get a documented VA pre-approval letter, not just a pre-qualification, so the seller sees a verified lender behind you.
- Ask your agent to price the offer close to likely appraisal value, since the VA appraisal drives what the VA will guarantee.
- Look for homes in solid condition, which lowers the chance of an appraisal repair requirement, and still get your own inspection.
- Set realistic financing and closing dates and write them clearly into the offer.
Massachusetts law also protects your inspection rights. For covered transactions beginning October 15, 2025, sellers and their agents may not condition acceptance of an offer on waiving or limiting an inspection, so a strong VA offer never needs to give that up. Figures and rules checked against Mass.gov in October 2026.
What other costs come with a VA loan in Massachusetts?
You still pay closing costs, prepaid taxes and insurance, a home inspection, and the appraisal, and the VA notes these vary with loan amount, location, lender fees, and funding fee status. Your lender's Loan Estimate gives your individual number. On a standard VA purchase the funding fee can be financed, but ordinary closing costs generally cannot be added to the loan.
A seller may pay some or all allowable buyer closing costs, and the VA does not apply its 4% cap to those ordinary credits. Other seller concessions, such as paying your funding fee, certain prepaid items, or your debts, are limited to 4% of the home's VA-established reasonable value. Either is negotiated in your offer and is never automatic.
You will also owe Quincy property tax, which is based on the city's FY2026 residential rate of $11.78 per $1,000 of assessed value. A property assessed at $680,000 would have a base annual tax of about $8,010, or roughly $668 a month, before exemptions. Your purchase price and the assessed value are not always the same, so check the assessment on the specific home. Quincy administers Massachusetts property tax exemptions for qualifying veterans and certain survivors. Eligibility is separate from VA mortgage eligibility, and applications generally must be filed annually with the Assessors' Office. Figures checked against the City of Quincy Assessor's Office in October 2026.
The Bottom Line
If you qualify, a VA loan is often the cheapest way into Quincy, because it combines $0 down, no monthly mortgage insurance, and no loan cap for full-entitlement borrowers. The costs to plan for are the funding fee (waived for exempt borrowers such as those receiving VA disability compensation), closing costs, and a VA appraisal that the home has to pass.
The decision that matters is not VA versus not VA. It is how much of your cash you want to keep in the bank versus in the house, and what the full monthly payment looks like at today's rate. I would rather you see those numbers side by side before you make an offer.