VA Loan

Updated 1 month ago ​by Open Listings

In a nutshell: 

A VA loan is a government-insured low-cost mortgage loan available to veterans, active-duty members, some reservists and National Guard members, and spouses of members who died in the line of duty. 

What do you need to qualify?

  • Be a military service member, veteran or military spouse
  • Suitable credit
  • Sufficient income
  • Provide Certificate of Eligibility (COE)


  • No down payment required
  • Negotiable and competitive interest rate
  • VA limits the amount you can be charged for closing costs


  • For condos and townhomes, the entire building/community must be VA approved for a buyer to be able to finance with a VA loan. Here’s a link to the website where you can look up buildings to see if they’re VA approved.

Pro Tip:

Although VA loans don’t require a down payment, the buyer will still need to provide proof of funds for the 3% EMD