With VA loans, veterans, service members, and their surviving spouses receive competitive rates, typically lower than conventional loan rates. Another benefit of VA loans is that borrowers are not required to have private mortgage insurance.
Additional benefits of VA loans include:
- Closing costs are limited and may be paid by the seller.
- There is no prepayment penalty if the borrower pays off the loan early.
- Assistance is available from the VA to help borrowers avoid