VA Home Loans
Veterans looking to purchase homes have a unique opportunity for assistance. The Department of Veteran Affairs began a mortgage program in 1944 as part of the GI Bill of Rights. This was designed to aid veterans and their families in purchasing homes with no down payment.
VA Home Loans Guaranteed
Homes purchased under the VA home loan program are federally guaranteed. The loans are made by private lenders to the eligible veterans who purchase a home with the intent to reside there. Since the loan is guaranteed by the VA, the lender is protected from loss if the owner or borrower does not pay. This protective guarantee is one of the reasons the lender does not need to require a down payment.