VA loans are backed by the U.S. Department of Veteran Affairs and are available for military personnel, surviving spouses, and veterans. One of the key benefits for this loan is that it offers a zero percent down payment, so service men and women are not required to make a down payment for the loan. These loans can also be up to 100% financed, pending all requirements are met. Usually, these types of home loans are approved fast with minimal red tape. Even if you have less-than-perfect credit, a VA loan might be the best for your financing situation. Other benefits of the VA home loan include it being offered as a fixed-rate or ARM mortgage that never includes monthly Private Mortgage Insurance (PMI).