VA Loan Benefits: A Guide for Eligible Veterans and Service Members
VA loans are mortgages guaranteed by the Department of Veterans Affairs, available to eligible veterans, active-duty service members, and some surviving spouses. They're widely considered one of the strongest loan programs available, largely because of two features most other loan types don't offer. The two standout benefits No down payment required in most cases — VA loans can finance up to 100% of the home's value for eligible borrowers, which is uncommon among mortgage programs. No monthly mortgage insurance — unlike FHA loans (MIP) or conventional loans with less than 20% down (PMI), VA loans don't charge ongoing mortgage insurance, which can meaningfully lower the monthly payment compared to other low-down-payment options. Eligibility basics Eligibility generally depends on length and type of service, discharge status, and in some cases, surviving spouse status. Eligibility is confirmed through a Certificate of Eligibility (COE), which a lender can typi...