Finance & Mortgages

VA Loan

A mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, allowing no down payment and a funding fee instead of monthly mortgage insurance.

A VA loan is guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, service members, and certain surviving spouses. It allows a zero down payment and does not require monthly mortgage insurance.

Instead of mortgage insurance, a VA loan charges a one-time funding fee, which can usually be financed into the loan.

On the exam

VA is guaranteed, allows zero down, and charges a funding fee rather than monthly mortgage insurance.

Exam trap

VA loans have a funding fee, not FHA-style mortgage insurance premiums. Match the program to the borrower's veteran status.

Tested in

Residential Mortgages (9% of the exam)

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Related terms

Sources

U.S. Department of Veterans Affairs, VA home loans

This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.