No Down Payment
VA loans typically allow eligible borrowers to finance 100% of the home’s value, removing the need for a down payment.
Government Guarantee
Backed by the U.S. Department of Veterans Affairs, offering lenders added security and borrowers better terms with no private mortgage insurance.
Flexible Credit Requirements
VA loans often have more lenient credit score criteria, making it easier for veterans and service members to qualify.
No Private Mortgage Insurance (PMI)
VA loans do not require PMI, which is usually needed for loans with lower down payment.
Reduced Financial Barriers
With no down payment and no PMI requirements, VA loans significantly lower the upfront and ongoing costs of buying a home.
Competitive Interest Rates
Due to the government backing, VA loans often offer lower interest rates than conventional loans, helping homebuyers save over time.
Streamlined Refinance Options
VA loans include options like the VA Interest Rate Reduction Refinance Loan (IRRRL), which allows existing VA borrowers to easily refinance to a lower rate.
Protection for Veterans
VA loans come with borrower protections, including limitations on closing costs and the ability to request help from the VA if you face financial difficulties.