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.