What is a VA loan?

A home loan for military veterans.

A VA loan is a home loan for military veterans. They are designed exclusively for military veterans to purchase primary residences (i.e., a home the borrower intends to occupy).

VA financing allows 100% financing (0% down payment) in many cases. They also typically have excellent terms with low interest rates and no monthly mortgage insurance, although there is oftentimes an upfront "funding fee" required at closing.