Understanding How a VA Loan Works
VA loans, backed by the U.S. Department of Veterans Affairs, offer veterans, active-duty members, and eligible spouses affordable home financing. Benefits include no down payment, no PMI, competitive rates, and flexible credit requirements. Eligibility requires specific service criteria. The process involves obtaining a COE, finding a VA lender, meeting property requirements, and closing. Costs include a VA funding fee, which can be rolled into the loan. Special options like VA Streamline Refinance are available. VA loans are for primary residences, with occupancy required within 60 days.