VA loan
Also called: veterans affairs loan, va home loan, coe
A mortgage guaranteed by the Department of Veterans Affairs for eligible service members, veterans, and some surviving spouses.
VA loans can allow financing with no down payment and do not carry monthly mortgage insurance. Most borrowers instead pay a one-time funding fee, which can usually be financed and is commonly waived for veterans with a qualifying service-connected disability rating.
Eligibility runs through a Certificate of Eligibility and available entitlement, and the loan carries an occupancy requirement. Zero down is a feature of remaining entitlement and a qualifying file, not automatic for every veteran.
Related terms
- USDA loanA government-backed loan for eligible rural and suburban areas that can allow no down payment for qualifying borrowers.
- FHA loanA government-insured mortgage designed to widen access to financing, with lower down payment and credit thresholds than most conventional loans.
- Down paymentThe share of the purchase price you pay in cash, becoming your starting equity in the property.
- Occupancy typeHow you will use a property (primary residence, second home, or investment), which drives pricing and program eligibility.
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