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VA offersno down payment no mortgage insurance a government guarantee no prepayment penalty flexible qualification requirements lower closing costs funding fee flexibility assumable loan options .

Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help active-duty military personnel, veterans and certain other groups become homeowners at an affordable cost.

Contrary to popular belief, VA loans are available not only to veterans, but also other classes of military personnel. The list of eligible VA borrowers includes active-duty servicepersons, members of the National Guard, Reservists, surviving spouses of veterans, cadets at the U.S. Military, Air Force or Coast Guard Academy, midshipmen at the U.S. Naval Academy and officers at the National Oceanic & Atmospheric Administration. A minimum term of service is typically required.

VA Home Loan Program Overview

Department of Veterans Affairs

  • 0% minimum down payment
  • Primary residence only
  • 500 min Credit scores
  • No Credit scores are ok, with alternative credit letters
  • 100% gift funds are allowed
  • Available to Veterans, Service Members and select military spouses
  • Rates start in the 3%’s
The VA home loan program is more important today than ever before and is one of the most powerful loan options on the market for active military and veterans. It's increasingly difficult for many military borrowers to build the credit and assets necessary to move forward with conventional home financing.

For a lot of active military and veterans, the VA home loan program is their only real path to homeownership. The increasing popularity has stemmed from the main benefits of VA loans.