VA Loan
Zero down payment mortgage exclusively for veterans, active military, and eligible spouses.
Overview
VA loans are guaranteed by the Department of Veterans Affairs and offer the best terms of any mortgage product: zero down payment, no PMI, competitive rates, and limited closing costs. Available to veterans, active-duty service members, National Guard/Reserve members, and eligible surviving spouses. VA loans have no maximum loan amount (though lenders may impose limits), and the VA funding fee can be rolled into the loan.
Min. Down
0%
Min. Credit
580
Term
15 or 30 yr
PMI
No
Best For
- Veterans and active military
- National Guard/Reserve members
- Eligible surviving spouses
- Buyers wanting zero down payment without PMI
Pros
- No down payment required
- No monthly mortgage insurance
- Lowest average interest rates
- No prepayment penalty
- Seller can pay all closing costs
- No maximum loan amount with full entitlement
Cons
- VA funding fee (1.25-3.3% of loan)
- Primary residence only
- VA appraisal can be strict
- Not all sellers accept VA offers
- Must meet military service requirements
Requirements
- Valid Certificate of Eligibility (COE)
- Minimum service requirements (90 days wartime / 181 days peacetime)
- Residual income requirements
- Primary residence only
- VA appraisal
- No official minimum credit score but lenders typically require 580-620