A VA loan is a mortgage loan for people who have served or who are serving in the military. Although the VA doesn’t lend the money, it backs loans that are made by traditional mortgage lenders, such as banks, credit unions, and mortgage companies.
VA loans come with many benefits, such as no down payment requirement and no private mortgage insurance (PMI). To qualify for this loan, you need a credit score of at least 620 and proof of income. You also must live in the home and cannot use a VA loan for investment or vacation property.