The VA helps Veterans, Servicemembers, and eligible surviving spouses become homeowners. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Zero Down Payment
The most well-known advantage of using a VA loan is that they require zero down by the home buyer. This is because the VA guarantees a portion of the loan to be covered if the buyer ever defaults on the loan.
No PMI
Another advantage of a VA loan is that there is no private mortgage insurance (PMI) added to your monthly payment. This can add quite a bit of savings to your monthly payment compared to FHA and conventional loans.
Competitive Rates
VA loans also provide some of the most competitive rates compared to other loan programs. So you can feel confident knowing that you’re still getting a great deal on your mortgage if you decide to use your VA loan.
