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Since 1944 the VA loan program has helped millions of servicemembers veterans and military families achieve the dream of homeownership this flexible no downpayment program was part of the original GI bill seven decades later it's in many ways more important now than it's ever been what's also important is understanding that the government doesn't make home loans in the case of VA loans the Department of Veterans Affairs provides a partial guarantee it's basically like a form of insurance for each loan the guarantee on FHA and usda loans is a little bit different but the underlying idea is the same with all three of these you're getting a government backed loan from a mortgage lender not a home loan directly from the government with VA loans the government backing gives lenders like veterans united the ability to provide financing along with some big-time benefits many of which can't be matched by any other lending option so given that backdrop let's take a closer look at VA home loans being able to buy with no down payment is the single biggest benefit of VA loans most other types of home financing out there will require one it's typically three and a half percent for FHA loans and five percent for conventional so on a $200,000 home purchase you're talking about needing seven thousand dollars in cash at closing for an FHA downpayment and ten thousand in cash for conventional needless to say it can take years to save that kind of money the a loans also don't come with any sort of mortgage insurance now most conventional borrowers will have to pay for private mortgage insurance or PMI unless they can put down 20% of the purchase price on a $200,000 home purchase 20% is $40,000 now FHA and usda loans have their own forms of mortgage insurance that's not private mortgage insurance is something different and these fees private mortgage or mortgage on government backed loans across the board can add eighty to a hundred dollars or more to your payment every month another big benefit of VA loans is that they tend to be more flexible and forgiving than other loan types VA lenders are typically looking for a credit score around 620 which in the grand scheme of credit scores is just considered fair credit not good not excellent now the credit score benchmark for conventional loans is usually a bit higher often around a six six but you'll typically need more like a 742 have a shot at the best rates in terms on conventional loans compare that to the 624 VA now the VA loans also tend to be more lenient when it comes to things like a previous foreclosure or bankruptcy or short sale now this one I think surprises a lot of people interest rates but VA loans on average actually tend to have lower interest rates than conventional loans now keep in mind I'm talking about broad averages and the