QandAs: Loans

What are the benefits of a VA mortgage?

Answer:
There are many benefits of a VA mortgage, and

the VA home loan program is actually one of the most popular of all veterans' benefits. Most veterans are eligible for VA home loans, as are surviving spouses. Eligible veterans may borrow up to $417,000 to purchase a loan through the program. For many borrowers, the biggest benefit of a VA loan is the fact that no down payment is required. Additionally, payments can be easier to afford with a VA loan, because there is no mortgage insurance requirement.

The credit criteria and income requirements for VA mortgage qualification are also less stringent than for other types of mortgages. Many veterans who would not be able to qualify for a conventional home loan are able to become homeowners because of the fact that it is less difficult to meet VA loan qualification requirements than for other types of loans.