VA loans are available to eligible veterans, active-duty service members and some surviving spouses. They often allow purchasing with no down payment and do not require monthly mortgage insurance, which can mean real savings every month.
Highlights
- Often no down payment required
- No monthly mortgage insurance
- Competitive rates
- Limits on certain closing costs
Keep in mind
- A VA funding fee usually applies (some borrowers are exempt)
- Certificate of Eligibility required
Who it suits
Eligible veterans, service members and surviving spouses buying or refinancing a primary home.
Eligibility, rates and terms vary by borrower, property and state.