Owning a home is an important aspect for many families. However, housing prices are rising, and traditional down payment amounts of 20 percent are not possible for many veterans. Fortunately, VA Home Loans make it easier for present and former military members to purchase a home. Although the VA does not offer loans directly, it does insure the loan. 

This means that the government will back the mortgage should the borrower be unable to make payments. You can go through a conventional lender, such as a bank, and apply for a VA-backed loan. Your loan application must include documentation that shows you qualify for the benefits. Some of the benefits of VA-backed loans include:

• Better interest rates.
• Lower or no down payment requirement.
• Possible waiver for private mortgage insurance.
• More lenient credit score requirements.

Less than 10 percent of VA home loans require a down payment, and those that do are often less than 3 percent of the purchase price. 

Other borrower requirements, like credit score, are less restrictive than standard loans, making them more accessible to military members with less than perfect credit.

You can buy a home with a VA-backed loan or refinance your current mortgage to get a better rate. 

VA-backed loans often have lower interest rates because the government insures them.

The VA also has housing grants for disabled veterans to modify their homes to accommodate their physical needs. The Specially Adapted Housing (SAH) grant gives those with service-connected disabilities funds to build or change their permanent home. As of 2023, you can receive up to $109,986 from the grant.