VA Loans: One of the Best Benefits of Military Service
If you’re a veteran, active-duty service member, or surviving spouse, a VA loan is one of the most powerful homebuying tools available to you. VA loans make homeownership more accessible by eliminating many of the barriers other buyers face—like saving for a big down payment or paying for private mortgage insurance (PMI).
With Lendgo, you can compare VA loan offers side by side and make lenders compete for your business, so you can take full advantage of the benefits you’ve earned.
What Is a VA Loan?
A VA loan is a government-backed mortgage program designed to help military families buy, build, or refinance a home. These loans are guaranteed by the Department of Veterans Affairs, which means lenders can offer more favorable terms.
The biggest difference between a VA loan and a conventional mortgage? You can buy with no down payment and pay no PMI—two huge money-saving advantages.
Key Benefits of VA Loans
VA loans are considered one of the best mortgage options available. Here’s why:
- No Down Payment Required – Buy your home with $0 down, saving you years of waiting.
- No PMI (Private Mortgage Insurance) – Keep your monthly payment lower.
- Competitive Interest Rates – Often lower than conventional loans.
- Flexible Credit Requirements – More lenient for those with past credit challenges.
- One-Time Funding Fee – Replaces ongoing PMI costs, and can be rolled into the loan.
These benefits make VA loans one of the most affordable paths to homeownership for eligible borrowers.
Who’s Eligible for a VA Loan?
You may qualify for a VA loan if you are:
- An active-duty service member
- A veteran who meets length-of-service requirements
- A member of the National Guard or Reserves
- A surviving spouse of a service member who died in the line of duty or from a service-related cause
Eligibility is confirmed through a Certificate of Eligibility (COE), which shows lenders that you meet the requirements for the program.
How to Apply for a VA Loan
Applying for a VA loan isn’t complicated, but knowing the steps helps you move faster:
- Get Your COE: You can request this online through the VA, but most lenders (including those on Lendgo) can help you obtain it.
- Check Your Credit & Finances: Make sure your credit and income documents are ready.
- Compare Lenders: VA loans are offered by private lenders—rates, fees, and service can vary.
- Get Pre-Approved: This shows sellers you’re ready and lets you shop with confidence.
- Find Your Home & Close: Your lender will guide you through underwriting, appraisal, and closing.
Pros and Cons of VA Loans
Like any mortgage product, VA loans have trade-offs.
| Pros | Cons |
|---|---|
| No down payment or PMI required | VA funding fee can add to loan balance |
| Lower interest rates on average | Must meet eligibility requirements |
| Flexible credit guidelines | Property must meet VA appraisal standards |
| Can be used multiple times | Only for primary residences |
With Lendgo, you can compare VA loan offers and see how the funding fee and monthly payment stack up against other loan types—so you can decide what’s best for your situation.
Lendgo Makes VA Loans Simple
Many service members miss out on VA loan benefits simply because they aren’t sure where to start. Lendgo makes it simple by putting multiple VA-approved lenders in one place so you can:
- Compare VA loan rates and fees instantly
- Get pre-approved quickly so you can shop with confidence
- Save money by choosing the lender that offers the best terms for you
Next Step: Get Pre-Approved for Your VA Loan
You’ve earned these benefits—now use them. Compare VA loan offers from multiple lenders and get closer to owning the home you deserve.
