VA Loan Definition

A VA loan is a mortgage loan product offered only to veterans, active military service members and their family members to purchase an owner-occupied real estate property. The U.S. Department of Veterans Affairs guarantees a portion of the loan.

A VA loan can be used to purchase, refinance, renovate or improve a single-family home, multi-family home, condominium, manufactured homes, or new constructions homes. Some of the major benefits are more competitive rates, no down payment requirement, and no Private Mortgage Insurance (PMI).

However, a VA loan does have a Funding Fee which is financed into the loan and the fee increases after the first use. Veterans or service members who receive disability are exempt from this Funding Fee.

VA Loan Meaning

Need assistance with a VA loan? Feel free to reach out to Kristina.

VA Loan Definition Author

Real Estate Contributor

Kristina Morales is the Real Estate Contributor at Loanfully, an online educational resource for borrowers and industry professionals. Kristina is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.

Kristina Morales

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