VA mortgages offer some major advantages over conventional home loans, including no down payment required on most loans. VA mortgage rates today are one of the best deals around, often lower than rates on conventional loans by a quarter percentage point or more. Credit requirements are flexible as well. So they're an attractive option for borrowers with a military background or connection.
VA mortgages are available to U.S. military veterans and to those currently serving who have completed certain service requirements. Others with a U.S. military connection may be eligible as well, including surviving spouses of veterans who died of service-related causes and employees of selected government agencies. Former service members with a dishonorable discharge are not eligible.