No Down Payment: Most conventional loans require a 20% down payment, which is a huge barrier for most people. A VA loan requires zero down payment, as long as the purchase price is at or lower than the appraised value.
No MIP Insurance: If you’re a first time borrower, you would normally be required to pay mortgage insurance, which is how the lender protects themselves from default. With a VA loan, the government backs your mortgage, so mortgage insurance is not required. That alone can save you around $1,000 per year, per $100,000 borrowed.
Lower Payments: Because VA loans generally have lower rates and better terms, your monthly payments will be lower.
Easier to Qualify:Because VA loans are backed by the US government, lenders are more open to lending, even if your finances are not in the best shape.