A VA home loan is a home loan that is guaranteed by the Department of Veterans Affairs.  The purpose is to offer financing to eligible veterans and active servicemen and woman.

One of the major benefits of a VA home loan is that eligible veterans are not required to put down any downpayment.  In fact many veterans can purchase a VA home with virtually NO MONEY DOWN!!

Another benefit is that a VA home loan veteran does not have a monthly mortgage insurance premium like FHA or Conventional Loans.  This can help keep the mortgage payments more affordable.

Also, VA will allow a veteran to refinance and take cash out of the property to payoff bills or whatever purpose is needed up to 90% of the homes value.  Many other programs limit this.  

While a VA home loan is a great loan there are some items that Veterans should make themselves aware.

VA Funding fees can be expensive if you use your eligibility more than once.  As high as 3.3%.

If you have 20% equity in the property it may be cheaper to refinance on a conventional loan and avoid the VA funding fee.