The Veterans Administration (VA) Home Loan Program offers a specialized loan option that provides veterans with a guaranteed, no down payment home loan. This advantage has been offered to military personnel and their families in order to give them access to housing and assistance.
The VA home loan provides lower interest rates and reduced closing costs, as well as no prepayment penalties, compared to a traditional mortgage. Moreover, it is available in all 50 states as well as services to veterans who are at risk of defaulting on their loan. To take part in the program, eligible military personnel must have served 181 days during peacetime, 90 days in wartime, or be a spouse of a service member killed or missing in action.