VA – No Down Payment

A VA home loan is a mortgage that is guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may only be issued by a qualified lender.  VA loans do not require a down payment however; you must be an eligible veteran to qualify.  VA loans have a funding fee that may be financed however; there is no monthly mortgage insurance.  Without the monthly mortgage insurance, the borrower can afford to finance a higher loan amount in comparison to loans which require monthly mortgage insurance.