Loans for military service members: VA and FHA

VA home loans and FHA loans are great options for military service members looking to buy a home.

Veterans Affairs (VA) home loan

Qualified veterans, reservists, active-duty personnel, and their spouses can purchase a home up to a specified amount with little or no down payment.

Some benefits of a VA home loan include:

  • No down payment required up to the conforming loan limit of $417,000 ($625,500 for properties located in AK and HI)
  • Offers a wide range of rates, term, and financing options
  • Provides flexible qualifying guidelines
  • Allows use of gift funds for closing costs

In addition to buying or building a new home, military service members can use a VA home loan to repair or improve their existing home, refinance a current mortgage, or even install home efficiencies improvements.

For more information, visit the home loans section of the VA website.

Federal Housing Administration (FHA) loans

Military members can also take advantage of FHA loans. These loans are designed to meet the needs of homebuyers with low or moderate incomes and feature:

  • Low down payment requirements
  • Loan limits based on geographic locations
  • Generally more liberal qualifying guidelines
  • Use of gift funds for down payment and/or closing costs

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