A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. VA loans can be financed with a zero down payment. VA loans can have higher debt ratios then conventional loans and credit scores can typically be lower then conventional loans.