A Veterans Affairs (VA) loan is a type of mortgage loan available to eligible active-duty military service members, veterans, and their surviving spouses. These loans are backed by the U.S. Department of Veterans Affairs and are designed to help eligible borrowers purchase or refinance a home with more favorable terms, such as no down payment and no mortgage insurance requirements.

To be eligible for a VA loan, you must meet the following criteria:

• You must be a veteran, active-duty military member, or the surviving spouse of a veteran.

• You must have served the minimum amount of time required by the VA, which can vary depending on the time period and circumstances of your service.

• You must have a valid Certificate of Eligibility (COE) from the VA, which can be obtained through the VA or through a lender that participates in the VA loan program.

VA loans can be a great option for eligible borrowers because they offer many benefits, such as no down payment requirements, lower interest rates, and more relaxed credit score requirements. However, it is important to consider the trade-offs of a VA loan, such as restrictions on the type of property you can purchase and limitations on how much you can borrow.