Department of Veterans Affairs Law and Legal Definition

Department of veterans affairs is a federal agency which guarantees the loans made to veterans. The department of veteran affairs provides mortgage loan to veterans known as the veteran loans. The loan may be issued by qualified lenders. The veteran loans are designed to offer long-term financing to eligible American veterans.

The department of veterans affairs also provides with direct home loan program. This is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase property with no down payment.