Who this is for
- Veterans, active-duty members, some Guard and Reserve members, and eligible surviving spouses.
- Buyers who want zero down with no monthly mortgage insurance.
- Veterans who have used the benefit before and want to use it again.
How it works, step by step
- Get your Certificate of Eligibility early.
- Pick a lender by VA volume, not by brand name. VA pricing varies a lot.
- Check whether you are exempt from the funding fee. A service-connected disability rating usually means yes.
- Use the VA appraisal's condition rules as a shield, not a hurdle.
Pros
- Zero down.
- No mortgage insurance.
- Rates often below conventional loans.
- You can reuse the benefit.
Cons
- A funding fee applies if you are not exempt.
- You can only use it for a home you live in.
- Myths about VA loans can cost you in a competitive market.