The Complete VA Loan Guide for Veterans

If you've served, the VA loan is often the best financing you can get: no down payment, no monthly mortgage insurance, and competitive rates. Here's how to use it.

Who's eligible

Veterans, active-duty service members, many National Guard and Reserve members, and qualifying surviving spouses. You'll need a Certificate of Eligibility (COE), which a lender can usually pull for you in minutes.

The big advantages

• $0 down payment for eligible borrowers
• No monthly private mortgage insurance — a real monthly savings
• Competitive interest rates
• Limits on the closing costs you can be charged

The funding fee

Instead of mortgage insurance, the VA charges a one-time funding fee that helps keep the program running. It varies by down payment and whether it's your first use, and it can be rolled into the loan. Many veterans with a service-connected disability are exempt entirely.

Using and reusing your benefit

Your entitlement can be restored after you sell and pay off a prior VA loan, and in some cases you can hold more than one. Lender requirements (like minimum credit scores) vary, so compare VA-savvy brokers to find the best terms for your situation.