VA financing, also known as a VA loan, is a type of mortgage loan that is backed by the Department of Veterans Affairs (VA). VA loans are designed to help active-duty military members, veterans, and eligible surviving spouses become homeowners.
VA Loans have no minimum down payment requirement, no monthly mortgage insurance premiums, but do come with an upfront funding fee which varies depending on down payment and whether the mortgage transaction is a first time or subsequent use by the eligible veteran.
As of 2019, VA loans were no longer restricted to conforming loan amounts regulated by the government.
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