Veterans Affairs
Available exclusively to veterans, active-duty military personnel, and eligible surviving spouses, VA loans offer significant benefits, including no down payment and no private mortgage insurance (PMI) requirements.
These loans are backed by the U.S. Department of Veterans Affairs and are designed to help service members access homeownership with fewer financial barriers.
VA loans also feature competitive interest rates and more lenient credit standards. They are ideal for qualified veterans looking to buy a home with favorable terms and little upfront cost.
Frequently Asked Questions
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to active-duty service members, veterans, and eligible spouses. It offers benefits like no down payment, no private mortgage insurance (PMI), and competitive interest rates, making homeownership more accessible for those who have served.
VA loans often require no down payment, have no PMI requirements, and offer favorable interest rates, making them more affordable than conventional loans. Additionally, they typically have relaxed credit requirements, which can help eligible borrowers secure financing even with lower credit scores.
While VA loans don’t have PMI, they do require a one-time VA funding fee, which helps sustain the program. This fee varies based on factors like the down payment amount and whether it’s the borrower’s first VA loan, but it can be financed into the loan if needed. Certain veterans and active-duty members may also qualify for a funding fee exemption.