VA Mortgage Loan

With a VA mortgage loan, it's possible to buy a home with no down payment (100 percent financing) and even, in some situations, without needing any cash for closing costs.  Even if one has had credit problems, a clean record for the preceding 12 months can often be enough.

To qualify, the borrower must have an other-than-dishonorable discharge, after a period of active duty that ranges from a minimum of 180 days to two years, depending on the date of service and whether it was during a war or in peacetime.  Six years in the national guard also qualifies.  In-service loans are also available.  VA loans are meant for one's own home, which can include one- to four-family buildings.