A client writes:

I've been hearing about VA loans. Are those loans meant only for people who live in Virginia?

No! VA loans have nothing to do with Virginia, although many people make that mistake.

Here is a good definition of VA loans:

VA Insured Loan

More appropriately termed "VA Insured Loan." A loan for which the Veteran's Administration insures the lender against losses the lender may incur due to your default. Available only to veterans possessing a Certificate of Eligibility.

If you are a military veteran, VA loans can be a good option. Recently the maximum cap for VA loans increased to $417,000 (the conforming standard). While there is a 3% fee for these loans, the rates are very good and there is no private mortgage insurance.