In general, eligiblity includes 181 days of peacetime service, 90 days war time service or 6 years in the reserve or National Guard. Some surviving spouses of veterans who died while in service or from a service-connected disability may also be eligible.

On most mortgages, borrowers who can't put down 20 percent of the loan amount are required to pay private mortgage insurance. It protects lenders against borrowers who default and also helps borrowers who can't muster a large down payment. There is no PMI on a VA loan.

A branch of the federal government that administers a variety of services for veterans, including the VA Loan benefit.

With VA Loans, the federal government backs each mortgage with a promise to repay the loan amount should a borrower fail to pay.

A loan that's larger than the limit allowed in a specific region. Jumbo loans are rather complicated; contact us to learn more.

VA Loans can't be used to purchase second or vacation home or rental properties.

The amount a lender charges a borrower to borrow money.

A mandatory fee paid to the VA assigned to all VA Loans. The funding fee amount can be financed, meaning the cost won't come out of your pocket at closing. Borrowers with a service-connected disability are exempt from paying the fee.

Closing costs are the charges and fees associated with processing and finalizing a loan. With the VA Loan, there are predefined closing cost limits: a 1 percent lender origination fee, reasonable discount points and other reasonable and standard fees and charges.

When no down payment is required. The VA Loan is one of the only remaining loans that doesn't require any money up front for a down payment.

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Smart Military Money Overview