What is VA Loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and certain surviving spouses. Its biggest advantages are no required down payment and no monthly mortgage insurance. Borrowers typically pay a one-time VA funding fee instead.
Example: A veteran buys a home with $0 down using a VA loan, avoiding monthly mortgage insurance and rolling the one-time funding fee into the loan.