VA loan
A mortgage guaranteed by the Department of Veterans Affairs for eligible service members and veterans, often with no down payment and no PMI.
What does va loan mean?
Guaranteed by the Department of Veterans Affairs, the VA loan rewards eligible service members and veterans with no down payment, no monthly mortgage insurance, and competitive rates. Its main cost is a one-time funding fee, which can be financed into the loan and is waived for veterans with a service-connected disability. The result is one of the lowest-cost paths to homeownership available.
Frequently asked
Who is eligible for a VA loan?
Eligible active-duty service members, veterans who meet service-length rules, members of the National Guard and Reserves, and some surviving spouses. Eligibility is confirmed with a Certificate of Eligibility from the VA.
How much is the VA funding fee?
For a first-use purchase with no down payment it is 2.15% of the loan (3.3% on later use), dropping with a down payment and waived entirely for veterans with a service-connected disability. It can be financed into the loan.
Do VA loans require a down payment or PMI?
Neither. Eligible borrowers can finance 100% of the price with no down payment, and VA loans never charge monthly mortgage insurance — two features that make them one of the lowest-cost paths to owning a home.
Put it to use
VA Loan Calculator
Estimate a VA loan payment: $0 down, no PMI, including the one-time funding fee.
FHA Loan Calculator
Estimate an FHA payment including upfront and annual mortgage insurance premiums (MIP).
Down Payment Calculator
Turn a down-payment percentage into dollars and see whether you clear the 20% PMI threshold.
Related terms
All glossary terms