VA Loans for Veterans and Service Members

What a VA Loan Is

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. Like FHA, the VA doesn’t lend directly — it guarantees a portion of loans made by approved lenders, reducing their risk. This benefit exists to help those who’ve served achieve homeownership on favorable terms.

The Standout Benefits

VA loans offer remarkable advantages: the ability to buy with no down payment, and no monthly mortgage insurance — a cost that conventional and FHA loans typically carry. These two features alone can make a VA loan substantially more affordable, both upfront and monthly, than other options. Rates are often competitive as well.

The Funding Fee

VA loans typically include a one-time VA funding fee, which helps sustain the program. The fee can often be rolled into the loan, and some borrowers — such as those with service-connected disabilities — may be exempt. Even with the funding fee, the absence of a down payment and monthly mortgage insurance usually makes VA loans highly cost-effective.

Who Is Eligible

Eligibility generally extends to veterans, active-duty service members, National Guard and Reserve members meeting service requirements, and some surviving spouses. Eligibility is established through a Certificate of Eligibility. If you or your spouse has served, it’s well worth confirming VA eligibility with a lender, given how advantageous the benefit can be.

Frequently Asked Questions

For those who’ve served, the VA loan’s zero-down, no-mortgage-insurance structure makes it one of the most powerful homebuying benefits available — well worth confirming eligibility.