VA Loan Down Payment Requirements
Author:
Dan RafterMay 10, 2023
•6-minute read
When you’re ready to buy a home, you can choose from several types of home loans. But if you qualify for one, a VA loan is a smart choice. Why? These loans, available to current and former members of the U.S. military, don’t require a down payment, something that can make saving enough money for a home an easier task.
What Is A VA Loan?
A VA loan is a type of government loan backed by the U.S. Department of Veterans Affairs. Not everyone qualifies for these loans. You'll need to be an active-duty member or veteran of the U.S. military, National Guard or Reserve. You might also qualify for a VA loan if you are the unmarried widow of a service member. To apply for a VA loan, you’ll need to first obtain a Certificate of Eligibility from the Department of Veterans Affairs. To apply for this certificate, visit their eBenefits page. Most lenders will obtain the Certificate of Eligibility on your behalf with information you provide.
While VA loans are insured by the federal government, they are originated by private lenders. To take out a VA loan, then, you’ll apply with a private lender.