What Is a VA Loan?
A VA loan is a US mortgage guaranteed by the Department of Veterans Affairs for eligible service members, veterans, and some surviving spouses. VA loans typically require no down payment and no private mortgage insurance, though most borrowers pay a one-time VA funding fee.
Key Features
The VA guarantee reduces the lender’s risk, which allows 0% down in many cases. Eligibility is based on length and type of service.
Funding Fee
The funding fee is a percentage of the loan that depends on the down payment and whether it is the borrower’s first VA loan; it can often be financed into the loan.
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🔗 Related Terms
More Home Buying Terms
- Adjustable-Rate Mortgage (ARM)
- Appraisal Gap
- Assessed Value
- Bridge Loan
- Cash-Out Refinance
- Closing Costs
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Last updated: September 29, 2026. This definition is for general educational purposes only. It is not financial, investment, tax, legal, or medical advice, and it does not recommend any product or course of action. For decisions about your own situation, consult a qualified professional.