A VA Loan is a mortgage option available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. It is backed by the U.S. Department of Veterans Affairs, which helps make homeownership more accessible by offering favorable terms, such as no down payment and no private mortgage insurance (PMI) requirements. These loans can be used to purchase, build, or refinance a home. The VA Loan program aims to support those who have served in the military by providing them with financial assistance and benefits that can lead to more affordable housing options.