VA Loans
A VA loan is a home loan program created to help eligible service members, veterans, and some surviving spouses buy a home.
VA loans are designed to make homeownership more accessible for those who have served by offering flexible terms and lower upfront barriers.
What Makes VA Loans Different
VA loans are backed by the Department of Veterans Affairs. Because of this support, lenders are often able to offer more favorable terms compared to some other loan types.
These loans are commonly used by first time buyers, but they can also be used by repeat buyers who qualify.
Who May Be Eligible for a VA Loan
VA loans are available to certain individuals based on military service.
Eligibility may include:
Veterans
Active duty service members
National Guard or Reserve members
Some surviving spouses
Eligibility is based on service history and other guidelines, not just credit or income.
Down Payment Expectations
One of the most well known features of VA loans is that they often allow home purchases with little or no down payment.
This can make it easier to buy a home without waiting years to save, though buyers still need to plan for other costs involved in purchasing a home.
Credit and Financial Considerations
VA loans are generally flexible when it comes to credit expectations.
That said, lenders still review income, expenses, and overall financial stability. Meeting eligibility does not guarantee approval, but the program is designed to be more forgiving than some other options.
VA Funding Fee
Most VA loans include a funding fee.
This fee helps support the VA loan program and may vary depending on factors like service type, down payment amount, and whether the loan has been used before. In some cases, the fee may be reduced or waived.
Using a VA Loan to Buy a Home
VA loans are intended for primary residences, not investment properties or vacation homes.
Buyers can use VA loans to purchase single family homes, certain condos, and some multi unit properties, depending on guidelines.
Is a VA Loan Right for You
A VA loan may be a good fit if you are eligible and want a loan option with flexible terms and lower upfront requirements.
Many eligible buyers compare VA loans with conventional options to see which best fits their long term goals.
What Comes Next
If you think you may be eligible for a VA loan, understanding how mortgages work and how pre approval fits into the process can help you prepare.
You can explore related guides in the Learn Hub or try the Home Readiness Check™ to see how prepared you are for buying a home.