VA home loan or Veteran Administration home loan is a special home loan meant for people connected with U.S military. Under this category of loans, you are not required to pay any down payment, there is 100% financing and interest rates are also subsidized. VA loans don’t even have restrictions related to one’s credit report. Even a person with bad credits can obtain a VA loan to purchase a house for himself.
VA loans come with whole lot of advantages for the loan seekers, but have different qualification criteria for eligibility. The people who were actively serving under any branch of U.S defense services, be it military, navy, marine corps, air force or coast guard for a required period of time are eligible for availing VA loans. Alternatively if you have been a member of Reserve Service for 6 years or more, you are considered to be eligible to avail VA loans. There is also a rule that VA loans can be availed by surviving spouses of veterans who lost their lives during serving for the country. If the spouse has remarried, he/she can still avail VA loan but after crossing the age of 57. The spouse of a veteran missing in action or prisoner of war is also eligible for VA loan if he/she proves that he/she is a native American.
If you fall under any of these categories, you can apply for VA loan. You can use VA loan to purchase duplex, triplex or any other kind of flats, villas or even to re-construct your existing house.