If you are a veteran or active duty military personnel, you might be able to obtain a mortgage guaranteed by the Department of Veterans Affairs (VA).  The VA loan was created in 1944 as a result of the GI Bill of Rights.The purpose of the loan was to foster home ownership for millions of Veterans returning from World War II.The loan requires no downpayment and allows for seller paid closing costs.Veterans who have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime may qualify.A two -year requirement is in effect for those who began service after September of 1980.Reservists are also included but have separate eligibility requirements. The maximum loan amount is generally $417,000, although jumbo loans may be available. It should be noted that one of the biggest benefits of VA loans is the fact that they do not have any required mortgage insurance per month. Interest rates are very competitive and gifted funds are allowed.

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