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

Here are some essential points about VA loans to consider before purchasing a home.

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

No Down Payment Options: Qualified borrowers can often buy a home without a down payment. This is a substantial relief for those saving for a home. The Associated Press notes:
“. . . about 90% of VA loans are used to purchase a home with no money down.”

No Private Mortgage Insurance (PMI) Requirement: Unlike many other loans with down payments under 20%, VA loans do not require PMI. This saves veterans on their monthly housing costs.

Limited Closing Costs: VA loans have limits on the types of closing costs borrowers must pay, keeping more money in your pocket when finalizing the purchase.

Veterans United highlights the significance 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.”

Bottom Line
Owning a home is a cornerstone of the American Dream. Veterans sacrifice a lot to protect our country, and one way to honor their service is by ensuring they are aware of the benefits offered by VA home loans.