VA Loans Explained

Updated: October 2026. Rules change; confirm with a licensed lender.

VA loans are backed by the Department of Veterans Affairs for eligible veterans, active-duty service members, some National Guard and Reserve members, and some surviving spouses.

Main benefits

Usually no down payment and no monthly mortgage insurance, which can lower the payment significantly.

Funding fee

VA charges a one-time funding fee that depends on your service type, down payment and whether it is your first use. Some veterans with service-connected disabilities are exempt. It can be financed.

Eligibility

You need a Certificate of Eligibility (COE), which your lender can help you get. VA sets no minimum score, but lenders do.

The home

It must be your primary residence and meet VA minimum property requirements.

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Important: this information is educational, not financial, legal or tax advice. Results are estimates and do not guarantee approval or rates. We are not a lender or mortgage broker. Confirm current rules with a licensed lender.