No Money Down
With a VA loan, you may be able to purchase a home with no down payment. This can make it easier for you to afford a home, as you won't need to save up a large sum of money for a down payment.
No Private Mortgage Insurance (PMI)
Unlike other types of loans, VA loans don't require private mortgage insurance (PMI). PMI is typically required if you have less than a 20% down payment, and it can add hundreds of dollars to your monthly mortgage payment. With a VA loan, you can avoid this extra expense and keep your monthly payments more affordable.
Lower Interest Rates on Average and Lower Overall Fees
VA loans typically have lower interest rates than conventional loans, which can save you thousands of dollars over the life of your loan. Additionally, VA loans have lower overall fees, which can also help you save money. For example, you won't need to pay for an appraisal or for closing costs in some cases.
