VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home.

Veterans in Alaska can also combine their loan with Alaska Housing Finance Corporations Veterans Mortgage Preference program.  The VMP program offers a lower interest rate with the qualification the veteran can not be discharged for more than 25 years.

Mortgage insurance is not required, however the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.