For many people, buying a home requires a pile of cash, putting homeownership out of reach. However, for those who qualify because of their military service (or spouse’s military service), it’s possible to get help buying a home with little or no money down through the VA loan program.
What is a VA loan?
A VA loan is guaranteed by the U.S. Department of Veterans Affairs. The loan itself isn’t actually made by the government, but the fact that it’s backed by a government agency makes lenders feel more comfortable in offering these loans, as they pose less risk.
As a result, it’s possible to get a VA loan without a down payment, and with sometimes-looser credit requirements. While you still need to meet certain requirements, and the lender still…