The U.S. Department of Veterans Affairs loans help servicemembers, veterans and eligible surviving spouses become homeowners. These loans are provided by private lenders and the VA guarantees a portion of the loan, enabling the lender to provide the borrower with more favorable terms.
Here are some benefits of VA loans:
- No down payment required (*Note: Lenders may require down payments for some borrowers using the VA home loan guaranty, but VA does not require a down payment)
- Competitively low interest rates
- Limited closing costs
- No need for Private Mortgage Insurance (PMI)
- VA home loan is a lifetime benefit so you can use the it multiple times
Source: https://www.benefits.va.gov/homeloans/