One of the most significant benefits of VA loans is that they do not require a down payment in most cases. This makes homeownership accessible to many veterans and service members who might not have the savings for a large down payment.

Unlike conventional loans, where borrowers must pay for mortgage insurance if they put down less than 20%, VA loans do not require PMI. This can lead to significant monthly savings.

VA loans typically offer lower interest rates compared to conventional loans. The backing by the VA makes lending to veterans less risky, allowing lenders to offer better terms.

The VA limits the closing costs lenders can charge to VA loan applicants, making the borrowing process more affordable. The VA also allows sellers to pay a portion of the closing costs, further reducing the amount veterans need to bring to the table.

Borrowers can pay off their VA loan early without facing any penalties, allowing them to save on interest over the life of the loan.

Instead of mortgage insurance, VA loans come with a one-time funding fee that helps fund the loan program. The fee varies depending on several factors, including whether it's the borrower's first VA loan and the loan type. Some individuals, such as those with service-connected disabilities, may be exempt from the funding fee.