VA loans are backed by the U.S. Department of Veterans Affairs and available to eligible veterans, active-duty service members, and certain surviving spouses. They're among the most borrower-friendly loans out there.
The Big Benefits
- No down payment for most qualified borrowers — a rare and valuable feature.
- No private mortgage insurance, unlike most low-down-payment loans.
- Competitive interest rates, often lower than comparable conventional loans.
- Limited closing costs, with some fees the seller can cover.
Eligibility
Eligibility is based on your service history. You'll need a Certificate of Eligibility (COE) from the VA to prove you qualify, which a lender can often help you obtain. Service requirements vary by era and type of duty.
Want to see VA-eligible loan options?
Check My OptionsThe VA Funding Fee
Most VA loans include a one-time funding fee that helps keep the program running. It can be rolled into the loan, and some borrowers (such as those with service-connected disabilities) may be exempt.
How to Apply
Find a VA-approved lender, obtain your COE, get pre-approved, and shop for your home. The process is similar to other loans, with the added step of confirming your eligibility. A knowledgeable lender makes it straightforward.