VA Loans
A VA loan is a mortgage loan program available to active-duty military members, veterans, and some eligible
family members, guaranteed by the U.S. Department of Veterans Affairs (VA). The primary purpose of the VA loan program is to help eligible individuals buy,
build, or refinance a home with favorable terms, often with no down payment or private mortgage insurance (PMI) required.
Here are the key features of a VA loan
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No Down Payment: One of the biggest advantages of a VA loan is that qualified borrowers can purchase a home with no down payment, which is rare in the mortgage industry.
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No Private Mortgage Insurance (PMI): Unlike conventional and FHA loans, VA loans do not require private mortgage insurance, even if the borrower puts no money down.
This can save borrowers a significant amount of money over the life of the loan.