Mortgages guaranteed by the United Stated Department of Veterans Affairs (VA) are designed to offer financing to eligible American veterans or their surviving spouses. VA loans require NO Downpayment. VA loans require a Funding Fee (similar to FHA’s UFMIP and USDA’s Funding Fee) that is based on whether the veteran is Active Duty/Veteran or Reservists/National Guard and on the loan category (less than 5% down payment, 5-10% down payment, 10% or more down payment, etc.). VA loans are subject to maximum loan limits which is $417,000 in the State of Ohio. VA does not require that a homeowner setup an escrow account, however lenders will require that you escrow your taxes and insurance.