Zero-down benefits, the funding fee, and eligibility — explained.
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- Who qualifies — active duty, veterans, National Guard, surviving spouses
- How the VA funding fee actually works (and who's exempt)
- Why VA loans don't need PMI, even with zero down
- Entitlement, second-tier entitlement, and using your benefit more than once
- Common myths that cost veterans money or kill deals
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What to know about VA Loans
VA-backed home loans help eligible Veterans, active-duty service members, and some surviving spouses buy or refinance a home — often with no down payment and no monthly mortgage insurance. The loan itself comes from a private lender; the U.S. Department of Veterans Affairs guarantees part of it, which is what makes those terms possible.
Often $0 down
Most VA purchase loans have no down-payment requirement, as long as the price isn’t above the home’s appraised value.
No monthly mortgage insurance
Unlike many low-down FHA and conventional loans, VA loans don’t charge PMI or a monthly mortgage-insurance premium — a real monthly savings.
A one-time funding fee
Most borrowers pay a VA funding fee (a percentage of the loan) that can be rolled into the loan. Veterans with a service-connected disability are typically exempt. Check current rates at VA.gov.
You’ll need a Certificate of Eligibility
The COE proves your service qualifies you for the benefit. You request it through the VA, and a lender can often pull it for you.
Sources: VA.gov — VA home loans · CFPB — VA loans