A VA loan is a type of mortgage that is guaranteed by the US Department of Veterans Affairs (VA) and is designed to help active-duty military personnel, veterans, and their families become homeowners. VA loans offer a number of benefits, including no down payment requirement, competitive interest rates, and flexible credit requirements.

One of the main advantages of VA loans is that they do not require a down payment. This can be a significant benefit for borrowers, as it can be difficult to save up for a down payment, particularly for those who are just starting out or who have limited financial resources. Additionally, VA loans typically have lower interest rates compared to other types of loans, which can result in lower monthly payments and significant savings over the life of the loan.

To be eligible for a VA loan, borrowers must meet certain service requirements, such as serving in the military for a certain amount of time, being a veteran, or being the spouse of a deceased service member. Borrowers must also have a certificate of eligibility (COE) from the VA, which verifies their eligibility for the loan.

Another advantage of VA loans is that they do not require private mortgage insurance (PMI), which is typically required for loans with a down payment of less than 20%. This can result in significant savings over the life of the loan.

VA loans are available for a variety of property types, including single-family homes, townhomes, and condominiums. They may also be used for new construction, renovations, and repairs. The loan limits for VA loans vary by location and are based on median home values in the area.