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VA loans are available to eligible veterans, active-duty service members, and surviving spouses. They require no down payment and no private mortgage insurance (PMI). The VA charges a one-time funding fee (typically 2.3% for first-time use with no down payment) which can be rolled into the loan. VA loans often offer competitive interest rates.
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Who qualifies for a VA loan?
VA loans are available to veterans, active-duty service members, National Guard and Reserve members, and eligible surviving spouses. You must obtain a Certificate of Eligibility (COE) from the VA.
Is the VA funding fee required?
Yes, unless you receive VA disability compensation, are a surviving spouse receiving DIC, or have a service-connected disability. The fee varies based on loan type, down payment, and whether it is a first or subsequent use.
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