Explore the key advantages of VA loans

• Zero Down Payment: The hallmark benefit of VA loans is the ability to purchase a home without any down payment requirement, making homeownership more accessible for eligible Veterans regardless of the home's price.

• Competitive Interest Rates: VA loans consistently offer some of the lowest average interest rates in the market, potentially allowing Veterans to qualify for larger loans and providing substantial savings over the loan's term.

• Flexible Credit Standards: VA loans have more lenient credit requirements compared to other loan types, with lower credit score thresholds and more forgiving guidelines for debt-to-income ratios, as well as shorter waiting periods following negative credit events.

• Limited Closing Costs: VA loans impose restrictions on the fees that lenders can charge Veterans to originate and process the loan. Additionally, in VA transactions, sellers can contribute to covering the buyer's loan-related closing costs, including up to 4 percent of the loan amount in concessions.

• No Private Mortgage Insurance (PMI): Unlike conventional loans, which often require private mortgage insurance (PMI) for buyers who can't make a 20% down payment, VA loans do not mandate a down payment or PMI. This translates to significant savings for Veterans and enhances their homebuying budget.

These are just a few of the many benefits that VA loans offer to both prospective homebuyers and existing homeowners.

To learn more about your VA loan benefits and find answers to common questions, please contact one of our experts.

Contact an expert