Which loan type is specifically designed for veterans and sometimes active military personnel?

The VA Loan is specifically designed to benefit veterans and sometimes active military personnel. This type of loan is backed by the U.S. Department of Veterans Affairs, which allows qualifying individuals to access favorable loan terms without the need for a down payment and often without requiring private mortgage insurance (PMI). The VA Loan program aims to enhance homeownership opportunities for those who have served in the military, recognizing their contributions and sacrifices.

Conventional Loans, FHA Loans, and USDA Loans are not exclusive to military personnel. Conventional Loans are standard mortgage products offered by private lenders, FHA Loans are designed for low to moderate-income borrowers and are insured by the Federal Housing Administration, and USDA Loans are aimed at rural homebuyers meeting specific income requirements. Thus, they do not cater specifically to veterans or military members in the same way the VA Loan does.