What Is a VA Loan, and Who Qualifies for It
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. A VA Loan Is Guaranteed by the U.S. Department of Veterans Affairs
A VA loan is a government-backed mortgage that provides exclusive benefits for veterans, active-duty service members, and eligible surviving spouses.
The U.S. Department of Veterans Affairs (VA) guarantees the loan, which means lenders are more likely to offer favorable terms with lower risks.
Key benefits of VA loans include:
- No down payment required
- No Private Mortgage Insurance (PMI), which can save you money every month
- Competitive interest rates and more flexible loan terms
These features make a VA loan one of the most affordable mortgage options for those who qualify.
2. Who Qualifies for a VA Loan?
To qualify for a VA loan, you must be one of the following:
Veterans who served in active duty
Active-duty service members
Surviving spouses of veterans who passed away in service or due to service-related disabilities
Each group has specific eligibility criteria, so it’s important to check the VA guidelines or speak to a VA-approved lender for details. The eligibility is generally based on your length of service and discharge status, among other factors.
3. VA Loans Offer More Flexible Terms and Lower Costs Than Conventional Loans
For those who qualify, VA loans offer significant advantages over conventional loans:
No down payment: This is a huge benefit, especially for first-time homebuyers who may not have saved enough for a traditional down payment. No PMI: Unlike conventional loans, you don’t have to pay PMI, which means lower monthly payments. Lower interest rates: The VA loan program typically offers competitive interest rates, which can save you money over the life of the loan.
If you meet the eligibility criteria, a VA loan could be a fantastic way to purchase a home with fewer financial barriers.
Ready to See If You Qualify for a VA Loan? Let’s Get You on the Path to Homeownership
Download our free “VA Loan Eligibility Guide” — includes eligibility requirements, loan benefits, and how to apply
Chat live now if you have questions about VA loans or want to see if you qualify
Schedule a call with a Stairway Mortgage advisor to explore your VA loan options and start your home-buying journey
At Stairway Mortgage, we’re committed to helping veterans and active-duty service members achieve their homeownership dreams—
so you can enjoy the benefits you’ve earned.
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