Private lenders make VA loans, and the Department of Veterans Affairs backs part of each one. Eligibility comes from military service and is shown by a Certificate of Eligibility.
Why it matters
It can allow buying with no down payment and without monthly mortgage insurance. Most borrowers pay a one time VA funding fee, and some are exempt.
Where you meet it
If you or your spouse served. Our guide on FHA, conventional, VA and USDA loans compares it with the other options.
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