What is a VA loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs and made by approved private lenders. The VA does not lend money — it guarantees a portion of the loan against losses, which lets eligible borrowers buy with no down payment in most cases.
What this actually means.
VA was built as an earned benefit for service members, veterans, and certain surviving spouses. The lender funds the loan; the VA guaranty covers the lender against a defined portion of the loss if the borrower defaults. Because the lender takes less risk on an eligible file, VA usually allows zero down, no monthly mortgage insurance, and competitive pricing — paid for in part by the VA funding fee unless the borrower is exempt. Subject to VA guidelines and lender overlays.
Where this can move.
Service-history records, character-of-discharge review, and surviving-spouse DIC determinations can change VA eligibility. Lender overlays may add to VA's rules.
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More VA questions on Eligibility.
Educational only. VA guidelines, lender overlays, rates, fees, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with the VA, HUD, or any government agency.