VA Loan
VA loans are guaranteed by the U.S. Department of Veterans Affairs and are available to eligible veterans, active-duty service members, and surviving spouses. VA loans offer some of the best terms available in the mortgage market.
Key Benefits
No down payment required — Purchase a home with 0% down, which is one of the biggest advantages of VA financing.
No private mortgage insurance (PMI) — Unlike conventional and FHA loans, VA loans do not require monthly mortgage insurance.
Competitive interest rates — VA loans typically offer lower rates than conventional mortgages because the government guarantee reduces lender risk.
Limited closing costs — The VA limits what closing costs veterans can be charged, and sellers can pay all of a buyer’s closing costs.
Eligibility Requirements
To qualify for a VA loan, you generally need: 90 consecutive days of active service during wartime · 181 days of active service during peacetime · 6 years of service in the National Guard or Reserves · A Certificate of Eligibility (COE) from the VA.