VA loans

The Department of Veterans Affairs backs a portion of the loan, which is why lenders can offer terms that are not available on other products. It is a benefit earned through service, not a program with a narrow window.

You can use it to buy a first home or a fifth. There is no first-time buyer requirement at all, and in many cases the benefit can be used more than once.

For many eligible borrowers, no down payment is required. That is real, and it means savings you have been building can stay where they are instead of going toward a down payment.

And VA loans generally carry no monthly mortgage insurance. Most low-down-payment loans charge it every month for years. On a comparable home, removing that charge is a meaningful difference in the payment for as long as you own the home.

VA loans carry a funding fee, which is how the program sustains itself. It is often financed into the loan rather than paid up front, and it varies based on your service history and whether it is your first use of the benefit.

Many borrowers with a service-connected disability are exempt from it. The exact figure that applies to you is confirmable before you commit to anything — that is a detail worth getting right rather than estimating.

Eligibility depends on when and how you served. Peacetime and wartime service, National Guard and Reserve service meeting the program's requirements, and many surviving spouses all qualify. The length-of-service rules vary by era.

You do not need to have your Certificate of Eligibility in hand before you call. Confirming eligibility is one of the first things worth doing, and it is a straightforward process with help.