A VA loan is a mortgage program designed to assist veterans, active-duty service members, and eligible surviving spouses in purchasing or refinancing a home. Backed by the Department of Veterans Affairs, VA loans offer unique benefits, including no down payment, competitive interest rates, and no private mortgage insurance (PMI).

The amount you can borrow depends on: Your income and creditworthiness. The property’s appraised value and purchase price. VA loans generally do not have a maximum loan amount, but limits may apply in certain high-cost areas. Your lender can help determine the amount you're eligible for.

The VA funding fee is a one-time payment required for most VA loans. It helps sustain the VA loan program and reduces taxpayer costs. The fee varies based on: Type of Service: Veteran or active-duty.Down Payment: The more you pay upfront, the lower the fee.First-Time Use or Subsequent Use of a VA loan.Example: For first-time use with no down payment, the fee is typically 2.3% of the loan amount. Disabled veterans or eligible surviving spouses may qualify for a funding fee exemption.

Yes, VA loans can be used multiple times as long as you meet eligibility requirements. This is known as VA entitlement restoration. You can reuse your benefit by either: Paying off the previous VA loan in full.Selling the property and transferring the loan balance to a new borrower (if eligible).

VA loans can be used to purchase the following types of properties: Single-family homes. Condos or townhouses in VA-approved developments. Multi-family homes (up to 4 units), provided you live in one of the units. Manufactured or modular homes (with specific requirements).Note: Vacation homes or investment properties are not eligible for VA loans.