VA loans are home loans guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, members of the National Guard and Reserve, and certain surviving spouses. The VA sets the rules and guarantees part of the loan; private lenders fund it.
Key benefits
- No down payment for most eligible borrowers with full entitlement.
- No monthly mortgage insurance.
- Limits on closing costs the borrower can be charged, and seller concessions are allowed.
- Flexible credit and income guidelines with a residual-income test rather than a hard credit-score floor.
- Reusable: entitlement can be restored and used again on a future home.
What to know
- A VA funding fee applies unless you are exempt, for example because of a service-connected disability. It can be financed into the loan.
- You will need a Certificate of Eligibility; we can request it for you through the VA portal.
- The property must be your primary residence and pass a VA appraisal.
- Surviving spouse eligibility has specific rules; ask us and we will confirm yours with the VA.