VA loans require no down payment, have no monthly mortgage insurance, and offer competitive interest rates. They include a one-time VA funding fee (usually 1.25%-3.3% of the loan), which can be rolled into the loan.

Eligible borrowers need a Certificate of Eligibility (COE) from the VA. There's no maximum loan amount, but limits exist on the no-down-payment portion in expensive areas.

VA loans are one of the best mortgage products available — if you qualify, they're almost always the best option.