Loans guaranteed by the U.S. Department of Veteran Affairs, available to almost all active duty or honorably discharged service members and not remarried spouses. As the mortgage risk is backed by the US government, rates are normally slightly lower than the conventional loans. Even if you don’t have enough money saved, this loan option can help you out as no down payment is required. Additionally you can use all your Basic Allowance for Housing to make monthly mortgage payments as the lenders can count your BAH as effective income.
Furthermore, you don’t even have to worry about Private Mortgage Insurance; federal government assumes the risk normally covered by PMI by backing the loan.