The VA home loan is a federally-backed mortgage with no down payment required, no PMI, and competitive rates for qualifying veterans, active-duty servicemembers, and surviving spouses.
The VA Home Loan Guaranty is a federally-backed mortgage program that lets eligible veterans, active-duty servicemembers, and certain surviving spouses buy a home with zero down payment, no private mortgage insurance (PMI), and competitive interest rates. It's one of the most generous mortgage programs available.
Detail
- Eligibility: 90+ days of active-duty service (post-9/11), 181+ days (peacetime), or 6+ years in the National Guard/Reserves. Surviving spouses of KIA/P&T veterans also qualify.
- No down payment: yes, in most cases. The VA does not require any down payment, though lenders may.
- No PMI: VA loans don't require private mortgage insurance, saving ~0.5%-1% of the loan annually vs conventional.
- Funding fee: 1.25%-3.3% of the loan, financed into the loan amount. Waived for service-connected disabled veterans.
- No loan limit (since 2020) for veterans with full entitlement. Previously capped at conforming-loan limits.
- Apply via any VA-approved lender. Get a Certificate of Eligibility (COE) at va.gov/housing-assistance/home-loans/how-to-apply/.
- Closing costs: capped at what the seller can pay; some closing costs the lender can't charge to the veteran.
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These plain-English answers are maintained by Wounded Warriors (Texas 501(c)(3), EIN 86-1336741). We cite VA's official sources where applicable. Always verify the most current rules at va.gov. Free, machine-queryable under CC-BY 4.0.
