A VA loan is a loan guaranteed by the Veterans Administration (VA). This type of loan is only available to certain borrowers through VA-approved lenders. (The guarantee means that the lender is protected against loss if the borrower fails to repay the loan.)
To get a VA loan, you must be:
- a current member of the U.S. armed forces
- a veteran
- a reservist/national guard member, or
- an eligible surviving spouse.
VA mortgage loans can be guaranteed with no money down and there is no private mortgage insurance requirement.