VA Mortgage Loans are mortgages that are guaranteed by the US Department of Veterans Affairs and require ZERO MONEY DOWN. This program is available to active-duty service members, veterans, and select military spouses. VA mortgage loans can be used to purchase a primary home such as a single-family home, townhome, and certain condominiums. It is also sometimes used to purchase multi-family residences and manufactured homes with various limitations. One common misconception about VA mortgage loan eligibility is that it can only be used once or that you can only have one VA loan at a time…you can actually use your VA loan multiple times up to eligibility limits. One of the best facts about a VA loan is that there is no monthly mortgage insurance.