A mortgage guaranteed by the Department of Veterans Affairs, available to eligible service members, veterans, and surviving spouses — with no down payment required.
Full Definition
VA loans are one of the most powerful mortgage benefits available to eligible veterans, active-duty service members, and qualifying surviving spouses. They require no down payment, no private mortgage insurance, and typically offer rates below conventional market rates. The VA doesn't lend money directly — it guarantees a portion of the loan, which allows approved lenders to offer favorable terms. VA loans do include a one-time VA funding fee that can be financed into the loan. Eligibility is based on service history and determined by a Certificate of Eligibility (COE) from the VA.
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