Definition
Veterans Administration loan program providing mortgage benefits to military service members, veterans, and eligible spouses.
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VA loans are available to service members, veterans, and eligible spouses with no down payment requirement. VA guarantees portion of loan enabling zero-down financing. Interest rates typically competitive or better than conventional. No mortgage insurance required. Funding fee supports VA loan program. Credit standards are flexible. Only available through VA-approved lenders. Maximum loan amounts vary by location and entitlement. VA loans are attractive alternative to conventional financing for eligible borrowers.
Pro Tip
Verify VA eligibility and obtain Certificate of Eligibility early in the home purchase process.
Example
A military veteran obtained zero-down VA financing for a home purchase with competitive interest rates.