Mortgage rates have been bouncing around in the mid-to-high 6% range for months now, and buyers are doing the math on every possible advantage.
For millions of veterans, service members, and surviving spouses, one of the biggest advantages has been sitting there all along: the VA home loan.
Here's what makes it different from the conventional mortgage your realtor's other clients are getting.
VA loans typically require no down payment, and the Department of Veterans Affairs doesn't set a minimum credit score, though most lenders look for around 620.
There's also no private mortgage insurance, which on a conventional loan can run $100 to $300 a month on a $400,000 home.
That PMI detail is where the real money hides.
On a typical starter home, skipping it can save a buyer tens of thousands of dollars over the life of the loan.
And because there's no down payment requirement, veterans aren't stuck saving for years while prices climb.
The program is bigger than most people assume.
Active-duty service members, veterans, National Guard and Reserve members, and some surviving spouses all qualify.
So do many borrowers who assume they've aged out of it.
There's no expiration date on the benefit for most veterans.
The VA funding fee — a one-time charge at closing — runs from about 1.25% to 3.3% of the loan amount depending on your down payment and whether you've used the benefit before.
Borrowers with a service-connected disability rating are often exempt.
The VA also caps how much it will guarantee, though many lenders now offer loans above that threshold with a down payment.
VA loan rates are frequently lower than conventional rates, but not always.
Some lenders tack on higher fees or slower processing, so comparing at least three lenders matters more than the "VA" label on the paperwork.
The program has also drawn scrutiny over appraisal and repair requirements, which can slow down a competitive offer.
In a hot market, some sellers have balked at VA offers for that reason.
That's changing as inventory loosens in many parts of the country.
For anyone who served, the first step is simple: request a Certificate of Eligibility through the VA's website or ask a lender to pull it.
It costs nothing, and it belongs to you whether or not you ever use it.
Our take: the VA loan isn't a magic ticket, and it won't fix a budget that's already stretched thin.
But for eligible buyers, it's one of the few remaining programs that genuinely lowers the cost of getting into a home.
Final Thoughts
If you served, it's worth at least a phone call before you sign anything.