Benefits of VA Home Loans

• No down payment as long as the sale price does not exceed the appraised value

• Loan-to-value of 100 percent

• Back-end debt-to-income ratio of 41 percent under certain circumstances

• No private mortgage insurance

• Limits on closing costs, which may be paid by the seller

• No penalty for early payoff

• Loan is assumable by another qualified veteran borrower

• May apply for a new loan 2 years or sooner after a bankruptcy