VA Loan vs. Traditional Mortgages
The VA loan is a $0 down mortgage option available to Veterans, service members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the Veteran affairs (VA).
VA Loan- 0% Down
VA Loan are among the last 0% down home loans available on the market today other than the USDA Gov Loan.
Require up to 20% down. Conventional loans generally require down payment that can reach up to 20% to secure a home loan, pushing them out of reach for many homebuyers.
No PMI required. Save monthly. Since VA loans are government backed, banks do not require you to buy private mortgage insurance.
Require private mortgage, which becomes a monthly cost. Unless you put down 20%.
Competitive Interest Rates, The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a mortgage competitive rate than non-VA loans.
Without government backing, banks are taking on more risk, in turn, can result in a less competitive interest rate for your home.