Loan Type:

VA loans are government-backed loans that are guaranteed by the U.S. Department of Veterans Affairs.

Eligibility:

VA loans are available to active-duty service members, veterans, reservists, National Guard members, and surviving spouses who meet certain service requirements.

Down Payment:

VA loans do not require a down payment for most borrowers, although a small down payment may be required for borrowers with lower credit scores or higher loan amounts.

Credit Score:

The minimum credit score required for a VA loan varies by lender, but most lenders require a score of at least 620.

Loan Limits:

VA loans do not have a set loan limit, but there are limits on the amount the VA will guarantee, which vary by location.

Interest Rates:

The interest rates for VA loans are typically lower than those of conventional loans and are determined by the lender based on the borrower’s creditworthiness, loan amount, and down payment.

Mortgage Insurance:

VA loans do not require borrowers to pay mortgage insurance, although a funding fee may be required, which can be financed into the loan. The funding fee varies based on the borrower’s service status, down payment, and loan type.