VA Loan
Zero-down-payment mortgage for US military veterans and active-duty service members.
Key Takeaways
- Begin with the fundamental ideas and step-by-step processes
- Confirm the latest regulations and requirements from official sources
- Talk to qualified experts for personalized guidance
Overview
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). These loans are available to eligible veterans, active-duty service members, and surviving spouses. VA loans offer significant benefits, including no down payment requirement, no private mortgage insurance (PMI), and competitive interest rates.
Eligibility
- Active-duty service members
- Honorably discharged veterans
- National Guard and Reserve members
- Surviving spouses of deceased veterans
Key Benefits
- No down payment required
- No private mortgage insurance (PMI)
- Competitive interest rates
- Flexible credit requirements
- Funding fee instead of PMI
Related Glossary Terms
Frequently Asked Questions
Below we cover the core concepts and how they work in practice in real estate and finance.
Each circumstance is different, so this piece offers general guidance. For personalized advice, consult a qualified professional.
For the most accurate details, visit IRS, CRA, HUD, and CFPB directly for the most accurate and up-to-date information.
This content is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for advice specific to your situation.