What are VA loan eligibility requirements and the best lenders?

VA loans — mortgages backed by the U.S. Department of Veterans Affairs — can be a strategic way for military service members and veterans to purchase a home affordably. For starters, the average rates for VA loans are significantly lower than conventional mortgages. Plus, you can put as little as 0% down and you won't have to pay for mortgage insurance, which is typically required for people who buy a home with less than 20% equity. Instead, you'll pay a one-time VA funding fee that ranges from 0.5% to 3.3% of the loan amount based on the size of your down payment and the number of times you've used a VA loan before. But, while VA loans are more affordable than conventional mortgages, they are restricted to certain applicants and home types. Here's what you need to apply. Take advantage of your VA loan benefit with offers from trusted lenders. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability. 10, 15 or 30 years for fixed-term conventional loans, 30-year VA and FHA loans. Custom mortgages with fixed-rate terms from 8 to 29 years. 620 for conventional, 500 for FHA 0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo Talk to us Are you living paycheck to paycheck, or do you have a financial success you're comfortable sharing with a reporter? Please fill out this quick form . …