If you’re an eligible service member, veteran or qualifying military spouse, you can get a VA loan to buy a home with no down payment — and you don’t have to pay monthly mortgage insurance. It’s also easy to qualify for a VA loan, even if your credit isn’t perfect. But you’ll pay a funding fee in most cases, which can add to the cost.
A VA loan is a mortgage that’s insured by the Department of Veterans Affairs and is designed to help active-duty service members, eligible veterans and qualifying spouses buy property. They can be used to:
If you’re eligible, VA loans are easy to qualify for, since there’s no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.