So, what exactly is a VA Loan?
A VA Loan is made available to qualified veterans, active service members and surviving spouses to use for purchasing a home. You do not have to have a down payment or Private Mortgage Insurance (PMI) with a VA loan. The VA Loan is guaranteed by the U.S. Department of Veterans Affairs (VA).
The VA does not originate loans but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered, and financially guarantees loans that qualify under the program.
A VA Loan is available only as a fixed rate loan, meaning your interest rate will not vary for the life of the loan.