In 1944, the U.S. government created a military loan guaranty program to help returning service members or their surviving spouses (provided they do not remarry) purchase homes. The result is VA Loan, which is a m ortgage loan issued by approved lenders and guaranteed by the U.S. Dept of Veterans Affairs. Since its inception, the VA Loan program has helped place more than 20 million veterans and their families into an affordable home financing situation by offering a zero down payment loan with interest rates substantially lower than conventional financing.