If you are a veteran or service member considering buying or refinancing a home, you should apply for a VA home loan. VA loans are guaranteed by the Department of Veteran Affairs, which allows qualifying borrowers to put zero down. By using a VA loan, you can take advantage of your service benefit, which includes lower interest rates and more flexible qualifying terms.

VA home loans offer competitive interest rates and terms and can be used to purchase a single-family home, condominium, multi-unit property or manufactured homes.

Active duty service members, Veterans and those serving in the National Guard and Reserves can all be eligible, along with select other groups.

Generally, you can be eligible for a VA loan if you served:

• 90 consecutive days on active duty (wartime)
• 181 consecutive days on active duty (peacetime)
• 6 years in the Guard or Reserve, or 90 days under Title 32 orders (at least 30 of those days must be served consecutively)

Benefits of a VA Loan

• $0 down payment
• No PMI (private mortgage insurance)
• Competitive interest rates (click on Today's Rates)
• Flexible guidelines
• Seller can provide up to 4% of buyers closing costs