VA loan
A VA loan is backed by the Department of Veterans Affairs for eligible veterans, service members and surviving spouses. Eligible borrowers may buy with no down payment and without monthly mortgage insurance.
Eligible veterans, active service members, and surviving spouses.
What a lender will ask for
- A Certificate of Eligibility, which establishes your entitlement. We can talk you through obtaining one.
- Qualifying service as a veteran, an active service member, or an eligible surviving spouse.
- Income a lender can verify and a credit history the lender reviews, as with any mortgage.
- A property that meets the Department of Veterans Affairs minimum property requirements, established by a VA appraisal.
What it offers
- Eligible borrowers may be able to buy with no down payment at all.
- There is no monthly mortgage insurance on a VA loan, which is the cost that usually comes with a small down payment elsewhere.
- The entitlement can often be used more than once across a lifetime.
What to weigh up
- Most VA loans carry a funding fee, charged at closing. The amount varies with your circumstances, and some borrowers, including many with a service connected disability, are exempt.
- The property must meet the minimum property requirements, which can rule out a home in poor condition.
- Buying with nothing down means starting with little equity, which matters if you need to sell early.
- Fedrate Mortgage is not affiliated with, nor acting on behalf of, the Department of Veterans Affairs or any other government agency.
Related loan programs
- FHA loanBuyers with a smaller down payment saved, or a shorter or imperfect credit history.
- USDA loanBuyers of a primary home in an eligible rural or suburban area, with household income within the program's limit.
- PurchaseFirst-time buyers, move-up buyers, and anyone buying a primary home in Texas or Florida.
Start with a pre‑qualification request
Tell us what you want to do and where, and we come back with options compared across multiple wholesale lenders. A pre-qualification request starts it, and nothing is a commitment until a lender has reviewed your file.