What Is a VA Mortgage?
A VA mortgage is a home loan available to veterans, active-duty service members, and some surviving spouses, backed by the U.S. Department of Veterans Affairs. With no down payment, no private mortgage insurance, and competitive interest rates, VA loans are one of the most affordable ways to buy a home. Eligibility is based on your service record, and the savings compared to other loans can be significant.
Who Is It Best For?
VA loans are only for veterans, active-duty service members, and qualifying spouses who want to buy a home with no down payment and no private mortgage insurance. They’re especially valuable if you want to minimize upfront costs while still getting a low rate. If you are a veteran, there is no better loan you can get than a VA loan.
Who Should Think About It Twice?
If you don’t meet the service requirements, you’re not eligible — and if you do qualify but can make a large down payment elsewhere, sometimes a conventional loan can compete on costs--but very rarely. VA funding fees can also be a factor if you’ve used the benefit before. But VA loans are generally the best loans you can get.
Pros and Cons
| Pros | Cons |
|---|---|
| No down payment required | Funding fee may apply (unless exempt) |
| No private mortgage insurance | Only available to veterans, service members, and some spouses |
| Competitive interest rates | Some sellers and lenders may be less VA‑friendly |
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