VA Home Mortgage: What all You Need to Know? Are you a Veteran? If yes, you have probably heard about Veterans Affairs (VA) mortgage. If you are planning to apply for a VA home loan, educate yourself about your eligibility requirements and how this loan works. VA loan is a mortgage program guaranteed by the U.S. Department of Veterans Affairs and issued by private lenders. VA is a no down payment home loan for veterans that comes with financial benefits. VA home loans are not only financially smart, but they are also convenient.
They come with flexible credit requirements, no down payment, and access to low government interest rates. Moreover, these loans offer a lower rate than conventional loans and accept higher debt-to-income ratios. Now you must be wondering if you are eligible for VA mortgage program. Many military members have been provided with a Basic Allowance for Housing (BAH). It allows the lender to easily calculate and validate the loan amount for which you qualify as well as check the ability to repay. However, you may be eligible for VA home loan if you have fulfilled any of the following requirements.