Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000.
(Veteran Affairs) Millions of military veterans and service personnel are eligible for VA financing each year. Even if you have already used VA loan benefits in the past, you may be able to use remaining or restored loan entitlement to buy another home. This is an excellent service benefit because it requires zero down payment in most cases. VA buyers may also have all of their closing costs paid by the seller. Loans generally may not exceed $203,000.