Veterans and active duty military personnel may be eligible for a VA home loan offering up to 100% financing. One of the few remaining ‘zero down’ options, there are many advantages to this program. Because these loans are backed by the Department of Veterans Affairs, mortgage lenders are able to offer more favorable terms to borrowers such as lower mortgage rates.
Each of these programs is backed by an agency of the US government, meaning they insure the lender against losses should the home go into default or foreclosure. This allows lenders to offer more favorable terms to borrowers and creates many home ownership opportunities.