VA loan are loan programs for eligible veterans, current servicemembers, and surviving spouses. The loans are made by private lenders and guaranteed by the VA. These loans do not require down payment and do not require monthly mortgage insurance premiums, but they usually require an upfront fee unless Veteran is exempt form paying the upfront fee. 

VA Loans usually have significantly lower rates than most loan programs including conventional loans. 

Additionally, there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.