VA Home Loan: Who Qualifies and What You Get
Learn how the VA Home Loan provides zero down payment options and no private mortgage insurance for eligible service members and their families.
The VA Home Loan is a federal program designed to help service members and their families purchase homes with more flexible financial terms.
Who it's for
This program is available to veterans, active duty service members, and surviving spouses.
What you get
You can purchase a home with a 0% down payment. Additionally, you do not have to pay for private mortgage insurance, which is often required with other types of home loans.
What it costs you
While there is no down payment, you will likely need to pay a funding fee. You will also need to provide a Certificate of Eligibility (COE) to prove you qualify for the benefits.
The catch to know
Some home sellers are hesitant to accept these loans because they incorrectly believe that the required VA appraisals are too strict compared to other loan types.
How to apply
- Obtain your Certificate of Eligibility (COE).
- Find a lender that handles VA loans.
- Shop for a home and undergo the appraisal process.
- Visit the official portal to learn more: https://www.benefits.va.gov/homeloans/