A VA Loan is similar to an FHA loan, in that it is meant for a specific type of borrower. A VA mortgage loan is meant to help military personnel and their surviving family purchase a home with lower requirements.
Those who qualify for a VA loan will be able qualify for a loan without a credit score or down payment requirement (of course, you can still make a down payment to lower your interest rate). Through a VA loan, borrowers don’t have to pay Private Mortgage Insurance (PMI) either. There is no prepayment penalty, you get low interest rates, and higher debt-to-income ratios are allowed.