VA Loans are mortgages issued by private lenders, but partially guaranteed by the Department of Veterans Affairs. To be eligible to apply for a VA Loan one must meet one of the following criteria1:
- 90 consecutive days of active service during wartime
- 181 days of active service during peacetime
- More than 6 years of service in the National Guard or Reserve
- Spouses of service members who died in the line of duty, or as a result of a service-related disability
VA Loans are attractive to eligible members due to their favorable financing terms. In comparison to more conventional loans, VA Loans can offer little to no down-payment, and a more lenient credit score or income requirement to qualify.