ENG ESP
MFA Mortgage
Lenders and REALTORS
Homebuyers
Developers and Property Managers
Find Housing and Assistance
Webcasts
Bond Investors
State Tax Credits for Affordable Housing Development
Housing Directory
Homebuyers

VA Loans

VA loans are loans guaranteed by the Veterans Administration for qualified veterans. To determine if you are qualified for a VA loan, contact your local VA office for an eligibility certificate. VA loans do not require the borrower to make a down payment. Not unlike FHA and HUD, the Veterans Administration does not loan money. Instead, they guarantee the loan. The guarantee means the lender is protected against loss if the borrower fails to repay the loan. When you are shopping for a VA loan, it is extremely important to choose a lender that knows how to originate VA loans.

VA loans typically:

  • Require no down payment
  • Require a funding fee that can range from 1.25 percent to 3 percent of the loan amount, depending on whether the borrower is a first-time or subsequent user of benefits
  • Require no mortgage insurance premium

Click here to return to Preparing For Homeownership. 

Back to top

Tools & Resources

Homebuyer Stories

Andrea Pollock in her kitchen.

First-Time Homeowner Spotlight:  Andrea Pollock

 Calm. Ease. Relief. These are the things Andrea Pollock brings to people every day in her work as a massage therapist. And that, she says, is what becoming a homeowner did for her. read more >
Rhonda with her daughter.

First-Time Homeowner Spotlight: Rhonda Diaz

 Sometimes, homeownership is about the little things. For new homeowner Rhonda Kay Diaz of Las Cruces, the little things include the ice machine in her new refrigerator and cooking on a gas stove. read more >
Cheryle with her 3 children at her new home.

First-Time Homeowner Spotlight: Cheryle Anderson

 Cheryle Anderson purchased her first home in honor of her late mother. read more >
Joanne (left) with her family.

First-Time Homeowner Spotlight: Joanne Smith

 Last year, Fruitland resident Joanne Smith fulfilled her dream of homeownership. read more >
Anna Castillo and Family

First-Time Homeowner Spotlight: Anna Castillo

 The Castillos were looking to buy a home when the coronavirus pandemic hit. read more >
Christina Rico in her kitchen.

First-Time Homeowner Spotlight: Christina Rico

 Christina Rico can’t wait for Christmas. She is excited because she gets to decide exactly how she wants to decorate her new home this year. read more >
Read All