The VA mortgage is available to those who are serving in the US military, or have been discharged from service in the past. The VA loan is a great benefit for those who qualify. The hallmark of the VA loan is that it allows for 100% financing. No down payment! Additionally- the VA insurance is paid fully by the upfront funding fee, and there are NO monthly MI payments.

The rates are usually very competitive to FHA and Conforming. It beats the FHA because it allows for less down, and will carry a payment with no monthly mortgage insurance. The VA loan also has that upfront funding fee. But like the FHA and USDA loans, that fee is “financed” – added to the loan amount, and not out of pocket.

Unlike the other government insured loans, the VA funding fee can sometimes be waived! If you qualify for the VA loan AND are currently receiving ANY amount of VA disability, the funding fee is waived.