Veterans of the U.S. Military branches are subject to experiencing problems and issues beyond those of the average citizen. It is for this reason there are numerous housing assistance programs designed for Veterans, including VA home loans. The U.S. Department of Veterans Affairs (VA) provides home loans to veterans at affordable interest rates with friendly loan terms.

A VA home loan is lent to veteran borrowers through a private lending institution. Similar to HUD-backed loans, the VA guarantees a portion of the loan, which gives lenders more comfort and flexibility to offer Veterans better rates and loan terms.

There are VA-backed purchase and cash-out refinance loans. Eligibility is partially determined by how long you served in the military, your character of service and duty status.

Qualified credit ratings, a satisfactory income level and a Certificate of Eligibility (COE) are also required. 

There are Interest Rate Reduction Refinance Loan (IRRRL) options as well. These loans reduce your interest rate if you already have a VA-backed loan for your home.

Other VA home loans include the Native American Direct Loan (NADL) program and adapted housing grants. The NADL program is available to qualified Native American veterans to help purchase, refinance, build or improve upon a home. Your home must be located on Native American trust lands. Other qualifying factors also apply.

Adapted housing grants help veterans with serious disabilities they received during active military service buy affordable, appropriate and quality housing. This is done through either or both of the Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grants.

The VA and HUD also work together to provide the HUD-VASH program, which provides additional housing assistance for U.S. veterans in need.