This is a Veterans Administration insured loan available to Veterans of the Armed Forces. It allows for 103% financing so a veteran can buy a home for no money down and finance the closing costs. The VA charges an up-front funding fee (which can be financed into the loan) that varies based on whether or not it is the borrower’s first time getting a VA mortgage. This program is a perfect option for a Veteran seeking the most affordable type of home financing.
- Available to eligible veterans only
- No down payment required
- VA up-front funding fee, but no monthly MI
- Allows for no cost, no qualifying “streamline” refinance
- Subject to VA eligibility rules