VA Loans

A VA loan is a home loan available to consumers who have served or are presently serving in the U.S. military. While the Department of Veterans Affairs (VA) does not lend money for VA loans, it backs loans made by private lenders to veterans, active-duty personnel, reservists and surviving spouses who qualify.

The VA Loan has many advantages reserved exclusively to those who bravely served our country. Service member, veterans, and their families can take advantage of significant cost savings with home loans designed specifically for members of the military.

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. Active-duty members generally qualify after about six months of service while reservists and members of the National Guard must wait six years to apply. However, if they are called to active duty before that, they gain eligibility after 181 days of service. Reservists, members of the National Guard and active-duty members generally are eligible after 90 days of service during war periods.

Upside: VA loans offer competitive rates with low or no down payments and are guaranteed for eligible veterans, active duty personnel, and surviving spouses.

Downside: The amount of the VA Funding Fee depending on the loan usage or if this is your first time using a VA loan or subsequent use.