This type of loan is available for qualified veterans whos served our country. This loan is for owner-occupied residential structures. VA guarantees the lender against potential loss. The VA collects a funding fee on each loan made to a veteran.

It is funded in the loan and does not come out of the borrower's pocket. It is a one-time fee and there is no mortgage insurance collected monthly as is the case with the FHA loan. A borrower can use this loan to purchase a home with as little as zero down payment. Borrowers can only have one VA loan typically because it is for owner-occupancy only. Borrowers can also obtain a VA loan on a home they already own and occupy.

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