VA loans are home mortgages guaranteed by the Department of Veterans Affairs (VA). With a VA loan, eligible armed forces service members and veterans can buy a home with no down payment, or refinance an existing home to get cash out or a lower monthly payment.
Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply, and this loan can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction.
The U.S. Department of Veterans Affairs is not a direct lender. The loan is made through a private lender and partially guaranteed by the Department of Veterans Affairs (VA), as long as guidelines are met.