Avoiding PMI Costs With a VA Loan

KEY TAKEAWAYS

• VA loans are a popular alternative to traditional mortgage loans because they offer favorable terms, saving you money and making it easier to secure a loan.
• Unlike traditional mortgage loans that require monthly private mortgage insurance (PMI) payments, there is no PMI requirement for VA loans.
• There is a VA funding fee that’s due at closing time, and that fee is based on several factors including the loan type and amount, your down payment, and whether you’re a first-time home buyer.