A mortgage guaranteed by the Department of Veterans Affairs (VA).VA loans require no down payment or mortgage insurance. Millions of veterans, including members of the National Guard and reserve units, are eligible for VA loans. They’re also available to anyone on active duty and widows whose spouses’ deaths were war related. (Here’s a complete rundown of eligibility requirements.) The rates are usually the same that lenders offer to borrowers with excellent credit, even though VA Loans are open to borrowers with poor credit.