Looking for a VA Loan?
When you’ve found the home of your dreams, it’s important to make sure you find a home mortgage that fits your financial situation and future plans.
A VA home loan is a mortgage insured by the Department of Veterans Affairs. Those eligible for VA loans include:
- Active-duty personnel
- Some reservists and National Guardsmen
- Surviving spouses of persons who die while on duty or as a result of military service
The typical VA loan offers 100 percent financing, meaning that you don’t have to make any down payment on your home. This is available for fully-eligible veterans. Compared to a conventional, no-down mortgage, the VA loan has two distinct benefits. First, the interest rate on a VA loan is usually smaller, keeping more money in your pocket. And second, borrowers who take out VA loans only have to pay certain closing costs called “allowables.” The other costs are paid either by the seller or by the lender making the loan.