A VA loan is a loan created specifically to help finance homes for active duty military and veterans. VA loans carry exceptionally competitive rates, and require no down payments for those who qualify, and no mortgage insurance required. Gifts and seller contributions are accepted towards closing costs, and assumable mortgage may be an option with the approval of the VA.
VA loans are eligible to honorably discharged veterans wishing to purchase a home for personal occupancy. For this purpose, veteran refers to certain members of the selected Reserve, Active-duty service personnel, and some spouses.