A VA loan is a type of mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). This loan program was created to help active duty military personnel, veterans, and their families become homeowners by providing them with easier access to mortgage financing.

One of the main benefits of a VA loan is that it allows eligible borrowers to purchase a home with little to no money down. This is because the VA guarantees a portion of the loan, which reduces the lender's risk and allows them to offer more favorable terms.

In addition to requiring little to no down payment, VA loans also have competitive interest rates, which can save borrowers thousands of dollars over the life of the loan. And unlike conventional loans, VA loans do not require private mortgage insurance (PMI), which is an added cost that can increase monthly payments.

Another advantage of VA loans is that they have more lenient credit and income requirements than conventional loans. This makes them a good option for borrowers who may have less-than-perfect credit or a lower income.

To be eligible for a VA loan, borrowers must meet certain requirements, including serving a certain length of time in the military or being the spouse of a service member who died in the line of duty. It's important to note that VA loans are only available for primary residences, and not for vacation homes or investment properties.