VA Mortgage

A VA Mortgage is a mortgage loan in the United States guaranteed by the United Department of Veterans Affairs (VA).  The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.   There is no PMI on a VA loan.  However, the Veterans Administration charges a funding fee they will allow you to add to the loan amount.  A disabled veteran will be exempt from the funding fee.  Currently the seller is allowed to pay up to 4% (of the sales price) of the buyers closing costs.

The VA mortgage is a good option for veterans with zero down payment.