What is a VA Loan?

A VA Loan is a mortgage loan offered to veterans, active-duty service members, and certain members of the National Guard and Reserves, which is guaranteed by the U.S. Department of Veterans Affairs (VA). The main purpose of VA Loans is to provide financial support for homeownership to those who have served or are currently serving in the military.

Here are some key points about VA Loans:

• No Down Payment: Most VA Loans do not require a down payment, making it easier for qualified borrowers to purchase a home.

• Competitive Interest Rates: VA Loans often come with lower interest rates compared to conventional loans.

• No Private Mortgage Insurance (PMI): Unlike conventional loans, VA Loans do not require borrowers to pay for private mortgage insurance.

• Easier Qualification: The eligibility criteria for VA Loans can be more flexible compared to other loan types.