What is a characteristic of VA loans?

VA loans are specifically designed to provide eligible veterans, active-duty service members, and certain members of the National Guard and Reserves with a pathway to homeownership. One of the most notable characteristics of VA loans is that they offer distinct benefits to those who have served in the military, such as no down payment requirements in many cases, competitive interest rates, and no requirement for private mortgage insurance (PMI). These benefits help to make homeownership more accessible and affordable for veterans compared to traditional loan options.

Options related to private mortgage insurance or personal loans do not apply to VA loans, as they have unique underwriting standards and benefits tailored to support veterans. Additionally, VA loans are not restricted solely to first-time homebuyers, making them versatile for veterans looking to purchase different types of properties.