A VA loan is a special kind of loan offered by the U.S. Department of Veterans Affairs to veterans, reservists, and members of the military or National Guard. Spouses of military members who died while on active duty or as a result of a service-related disability are also eligible to apply.
Your VA loan can offer excellent benefits, such as:
- No required down payment
- No monthly mortgage insurance premium
- No prepayment penalty
- Low interest rates
While a VA loan has some attractive features, it's not as flexible as some other kinds of loans. You can only use it to mortgage, upgrade, rebuild, or refinance a personal home.
It’s important to note that a VA loan can’t be used to start a small business. However, the SBA does reduce the up-front guarantee for SBA Express loans from 3% to 0% for qualifying veterans.
If you're a veteran who is in the market for a small business loan, check out our marketplace. We feature small business loans from a nationwide network of 75+ lenders. All you have to do is fill out our quick, free application, then explore lines of credit, short term loans, equipment financing options, and much more.