Veterans Administration (VA) loan - (also called "GI loan" or "VA loan") a loan partially guaranteed by the Veterans Administration under the Servicemen's Readjustment Act of 1944 and later, made to an eligible veteran or to an unremarried widow or widower of an eligible veteran for the purchase of real property. The purpose of the loan guarantee program is to encourage private lenders to make low-down-payment or no-down-payment loans to eligible veterans by guaranteeing a portion of the loan. Eligibility is determined by the veteran's length of active service, but generally varies between six months and two years. See also certificate of eligibility.

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