VA Loans: Serving Those Who Served
Eligible veterans and active-duty military can buy a home with 0% down payment, no private mortgage insurance, and competitive rates.
0% Down Payment
Buy a home with no money down. The VA loan is one of the only 0% down options available today.
No PMI
Unlike other low-down-payment loans, VA loans do not require Private Mortgage Insurance (PMI), saving you hundreds monthly.
Better Rates
VA loans typically offer lower interest rates compared to conventional and FHA mortgages.
What is a VA Loan?
A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). It is designed to help eligible veterans, active-duty service members, and surviving spouses buy, build, repair, retain, or adapt a home for their own personal occupancy.
VA Loan Eligibility
You may qualify for a VA loan if you meet one of the following conditions:
- Served 90 consecutive days of active service during wartime.
- Served 181 days of active service during peacetime.
- Have 6 years of service in the National Guard or Reserves.
- Are the spouse of a service member who died in the line of duty or from a service-connected disability.
The VA Funding Fee
While VA loans have no PMI, there is a one-time VA Funding Fee. This fee helps keep the program running for future generations. The fee ranges from 1.25% to 3.3% depending on your down payment and if it's your first time using a VA loan. This fee can be rolled into the total loan amount. Veterans receiving VA disability compensation are exempt from this fee.