text: It is not a "bill of rights" but rather a bill placed before congress as legislation.  Next, the legislation says nothing about interest rates and no down payments. The legislation does something completely different, guarantees the mortgage will be repaid by the government if the veteran defaults. Since there is a guarantee of repayment, the verteran is automatically a "low risk" borrower, and the mortgage lenders will allow a purchase without a down payment, but they don't give any special breaks on interest rates. I purchased my house this way. One other thing is also specified, that there is no prepayment penalty or fee. Some mortgage lenders will charge a substantial fee or penalty for paying back the mortgage early. The veteran can pay the remaining balance in full at any time without paying any fees or penalties for early payment. In addition to educational benefits, there are also medical benefits.