No down payment as long as the sales price is at or below the home’s appraised value.

• Must meet the lender's minimum or standards of credit, income, and any other requirements to approve a loan.

• The VA does NOT require a minimum credit score, but most lenders will use a credit score to determine the interest rate and to lower risk.

• Lenders all have different requirements when it comes to qualifying someone for a VA loan. This is why it is important to shop around for a lender so you can compare and negotiate price terms and conditions.

No need for private mortgage insurance (PMI) or mortgage insurance premiums (MIP) PMI is a type of insurance that protects the lender if the borrower ends up not being able to pay the mortgage. It’s usually required on conventional loans if the down payment is less than 20% of the total mortgage amount. MIP is what the Federal Housing Administration (FHA) requires borrowers to pay to self- insure an FHA loan against future loss. Not having to pay PMI could save a borrower on their monthly mortgage payment.