THE OVERVIEW
How this option works
VA-backed home loans are offered by private lenders, with the Department of Veterans Affairs guaranteeing part of the loan. Eligibility is based on VA service requirements and a Certificate of Eligibility, as well as lender review.
A VA-backed loan may offer features such as no required down payment in qualifying circumstances and no monthly mortgage insurance, but a VA funding fee may apply unless an exemption is available. The property and intended occupancy must meet applicable rules.