VA loans are federally-issued loans that are guaranteed by the U.S. Veterans Administration. Like other government loan programs, VA loans are easy to qualify for than conventional loans. Veterans can take advantage of competitively lower interest rates and other benefits.
BENEFITS OF A VA LOAN
- Lower closing costs
- Lower credit score requirement
- Interest rates are lower than conventional loans
- No pre-payment penalties for loans paid off early
- Borrows can ask sellers to pay toward purchase costs