U.S. Markets close in 5 hrs 14 mins

Everything you should know about VA loans

MortgageVA Loans

Mother holding her baby daughter | vgajic/E+/Getty Images

vgajic/E+/Getty Images

Veterans Affairs loans are home mortgages guaranteed by the U.S. Department of Veterans Affairs. Think of a VA loan as a thank-you to the people who serve our country.

For qualified homebuyers, a VA loan does not require a down payment. The no-down-payment element is the most popular feature of VA loans. Another advantage is that the credit requirements for a VA loan are more forgiving. You don't have to have 2 years of excellent credit to get a VA loan, as long as you earn enough money to make the payments.

Getting a VA loan takes a few more steps than a conventional mortgage, although the paperwork is not burdensome. You're eligible for a VA loan if you're on active duty, are an honorably discharged veteran, or have completed 6 years of service in the National Guard or selected reserves. Some surviving spouses of veterans are eligible for VA loans, too.

Whether you want a VA loan to buy a home or to refinance, these articles will inform you about this gift from Uncle Sam in appreciation of your service to our country.

More From Bankrate.com