Loan types
VA loans for eligible service members and veterans.
VA loans are guaranteed by the U.S. Department of Veterans Affairs. For borrowers with enough entitlement, they are often available with no down payment on a primary home.
Who it is for
- Veterans, active-duty service members, and certain National Guard and Reserve members
- Some surviving spouses
- Buyers using the home as their primary residence
How it usually works
- Eligibility comes from the VA, through a Certificate of Eligibility. Service history decides it. A lender does not grant VA eligibility.
- A funding fee usually applies. It can often be financed. Some veterans with a service-connected disability are exempt.
- Full entitlement can support a purchase with no down payment. A remaining entitlement, a prior VA loan, or a higher purchase price can change the cash needed at closing.
What to have ready
- Certificate of Eligibility, or the information to request one
- Photo ID
- Income documents
- Purchase contract when you are under contract
Guidelines change, and lenders add their own rules. The description above is a starting point, not a quote and not an approval.