For over 80 years, Veterans Affairs (VA) home loans have enabled millions of veterans to purchase homes. If you or someone you know has served in the military, understanding this program and its advantages is crucial.

Key Points to Know About VA Loans Before Buying a Home

Top Benefits of VA Home Loans VA home loans simplify the home-buying process for veterans and offer significant benefits for those who qualify. According to the Department of Veterans Affairs, these benefits include:

No Down Payment Option: Qualified borrowers often have the option to purchase a home without a down payment, easing the financial burden of saving for a home. The Associated Press notes that about 90% of VA loans are used to buy homes with no money down.

No Private Mortgage Insurance (PMI) Requirement: Unlike many other loans requiring PMI for down payments under 20%, VA loans do not require PMI, helping veterans save on monthly housing costs.

Limited Closing Costs: VA home loans limit the types of closing costs that need to be paid, keeping more money in your pocket when finalizing the purchase.

Veterans United highlights the impact of this loan program: ‘For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.