A VA loan is a government-backed mortgage option available to Veterans, service members and surviving spouses. VA loans are made by private lenders, like mortgage companies and banks, and not the Department of Veterans Affairs.

VA home loans offer competitive interest rates and terms and can be used to purchase a single-family home, condominium, multi-unit property, manufactured house or new construction.

To be eligible for a VA loan, you or your spouse must meet the minimum service requirements set by the Department of Veterans Affairs (VA), have a valid Certificate of Eligibility (COE) and satisfy the lender's credit and income requirements.

You may qualify for a VA loan by meeting one or more of the following requirements:

You served 90 consecutive days of active service during wartime.

You served 181 days of active service during peacetime.

You have 6 years of service in the National Guard or Reserves, or served 90 days (at least 30 of them consecutively) under Title 32 orders.

You are the spouse of a service member who died while serving or due to a service-related disability.

0% down —Traditional Mortgages require up to 20% down.

No PMI (Private Mortgage Insurance)—Traditional Mortgages require PMI for buyers who finance more than 80% of their homes value.

Low interest rates—With VA loans, Veterans have access to low rates without the need for sky-high credit.

Easy to qualify—The VA loan is a hard-earned job benefit created to expand access to homeownership for Veterans and service members. More flexible and forgiving credit underwriting guidelines are a hallmark of the program.