As a military veteran, active duty military member and eligible survivng spouse, you can consider the VA loan as an excellent option to help purchase or refinance a home.

The VA loan is a benefit given by the U.S. government and backed by the Department of Veteran Affairs to give greater flexibility to those who served and their families.

With a VA loan, there are various benefits including more favorable terms, flexible credit requirements and attractive interest rates when compared to conventional loans. Another amazing benefit is there is no down payment required when purchasing a home with a VA loan. That's correct as its $0 money down for veterans, active military and eligible surviving spouses when buying a home.

Additionally, with the VA loan, there is no mortgage insurance required. Typically, a homeowner would have a mortgage insurance required with other home loan programs; however, with the VA loan, this is not a factor and saves additional money each month.

The credit requirements are also a bit more flexible with a VA loan. While the credit is important, its just one of the factors that an underwriter will review.

The overall concept with the VA loan is that you served, and now its time to help you get into your own home. Of course, underwriting will check on income to ensure you can make the monthly payments and the debts are in line with the estimated costs of the property.