What is a VA Loan?

VA home loans, supported by the U.S. Department of Veterans Affairs, assist servicemembers, veterans, and eligible surviving spouses in becoming homeowners. These loans are generally provided by private lenders.

Is a VA Loan different from a Conventional Loan?

Beyond the eligibility criteria, the primary distinction between a VA loan and a conventional loan lies in the down payment. Conventional loans typically require a minimum down payment, whereas VA loans often do not. Additionally, VA loans do not necessitate private mortgage insurance (PMI). The credit requirements for VA loans tend to be more lenient compared to those for conventional loans.

VA Loans have many benefits such as being able to finance up to 100% (*Note: Lenders may require down payments for some borrowers using the VA home loan guaranty, but VA does not require a downpayment), competitively low interest rates, and limited closing costs.

Furthermore, the VA home loan is a lifetime benefit: you can use the guaranty multiple times.
For more detailed information on VA (Veterans Administration) Loans, visit https://www.benefits.va.gov/homeloans/