What is a VA loan?
A VA home loan is guaranteed by the U.S. Department of Veterans Affairs and often offers fewer restrictions than other types of mortgages. VA home loans have no down payment, no private mortgage insurance (PMI), and competitive rates.
With the VA home loan option, qualified veterans or active duty personnel can finance up to 100% of the purchase price of their home.
Key Aspects to Remember
- No down payment, no PMI,* low-interest rates and generally simpler qualification terms.
- Veterans can use basic allowance for housing to pay some or all of their monthly mortgage costs.
- The VA home loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty.
- Veterans with conventional home loans now have the option to refinance to a VA home loan, often for a lower rate than a typical refinance.
- Active duty personnel
- Reservists/National Guard members
- Qualified surviving spouses
*VA loans do have a funding fee. The funding fee may be waived if you have a disability. Your banker can provide more information.
How much house can you afford? Find out with our Mortgage Calculator.
Learn More about the VA Loan Application Process
An ETFCU home mortgage professional can answer any questions you may have, and walk you through the loan application process.Get Pre-Approved!