Mortgages for veterans

Veterans Affairs (VA) mortgages are among the most attractive mortgage options and benefits available to loan applicants. VA mortgages offer eligible American veterans or their surviving spouses (provided they do not remarry) as well as active/reserve duty veterans the opportunity to purchase a primary residence with no down payment and no monthly mortgage insurance. The Department does not directly originate VA loans but they do establish the rules about who may qualify. The VA Department also sets the terms of the mortgages and insures VA loans against default. The refinance of an existing VA loan requires little or no equity in the property.