A VA loan is a mortgage option available to eligible veterans, active-duty service members, certain surviving spouses, and other eligible borrowers. VA loans are backed by the U.S. Department of Veterans Affairs and offered by approved lenders.
Why VA loans are different
VA loans may offer benefits such as no required down payment for eligible borrowers, no monthly mortgage insurance, and flexible qualification guidelines. Eligibility and final approval depend on VA and lender requirements.
Who may be eligible?
- Veterans
- Active-duty service members
- Certain National Guard members
- Certain Reserve members
- Certain surviving spouses
- Other eligible borrowers under VA guidelines
Important VA loan considerations
- Certificate of Eligibility may be required
- VA funding fee may apply unless exempt
- Property must meet VA requirements
- Occupancy rules apply
- Lender underwriting is still required
Want to estimate a VA loan payment?
VA loan vs. conventional loan
VA loans may provide powerful benefits for eligible borrowers, especially when comparing down payment and mortgage insurance requirements. However, conventional loans may still be worth comparing depending on credit profile, property type, occupancy, and financial goals.