The U.S. Department of Veterans Affairs (VA) offers government-insured VA loans that can help Service-members, Veterans, and eligible surviving spouses become homeowners.
Benefits of VA Loans
- Available in a variety of fixed-rate and adjustable-rate loan options.
- Has low and no down payment options.
- Allows closing costs to come from a gift or grant.
- Doesn't require monthly mortgage insurance.
- VA loans require a VA funding fee at closing. The fee is higher with a zero down payment. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable.
- Government loans are not limited to first-time homebuyers.