5 Essential Facts About VA Home Loans

For those who qualify, VA home loans offer the ability to finance 100% of the loan amount at low rates. #VA

What is a VA loan? A VA loan is another term for a Veterans Affairs mortgage. The loans are made through private lenders and are guaranteed by the Department of Veterans Affairs, and do not require mortgage insurance.
Who is eligible? If you are an active-duty member of the military or a veteran, you more than likely qualify. National Guard and reservists are also eligible. Spouses of military members can be eligible. Read more about eligibility requirements.
No down payment requirement
No minimum credit score requirement
Low upfront funding fee The upfront funding fee varies from 1.25% to 3.3% of the loan amount and can be rolled into the loan. Closing costs will also need to be paid.