VA loans are only guaranteed by the U.S. Department of Veteran Affairs. VA loans also have easier eligibility requirements than conventional loans, often lower closing costs, and more liberal terms (usually no down payment is required) including negotiable interest rates. If you are eligible, the VA will issue a certificate of eligibility that you take to the lender when making an application for your loan. Lenders generally place a maximum limit on VA loans

Lenders make VA loans to eligible US Military Veterans for the purchase, construction, or energy-saving improvement (approved by the lender and VA) of a home.