VA loans help active military members and veterans buy a home with no down payment.
VA loans are home mortgages offered by private lenders and backed by the U.S. Department of Veterans Affairs. They are available to active-duty military members and veterans who were honorably discharged.
These loans help servicemembers, veterans, and their families buy homes with more favorable terms than many conventional mortgages.
With a VA loan, eligible borrowers may finance up to 100% of a home’s purchase price at a fixed rate and typically are not required to pay private mortgage insurance (PMI).
The VA charges a funding fee for most loans, generally ranging from 0.5% to 3.3% of the loan amount. This fee can be paid upfront or added to the loan balance.
The VA also offers Adapted Housing Grants to help eligible veterans with service-connected disabilities purchase or modify a home to better meet their needs.
VA Home Loan Eligibility Checklist
- Active U.S. military personnel may be eligible for a VA home loan.
- Veterans who were honorably discharged may also qualify.
- In some cases, a surviving spouse may be eligible.
- Eligibility depends on length of service, duty status, and character of service.
- Verify your eligibility through the Veterans United website.