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Why VA loans don't have PMI!

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VA loans do not require private mortgage insurance (PMI) because the loan is guaranteed by the U.S. Department of Veterans Affairs (VA).

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Typically, PMI is required for loans when the down payment is less than 20% of the purchase price and is what protects the lender if the borrower were to default on that loan.

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The VA's guarantee replaces the need for PMI, making it possible for veterans and active-duty military members to purchase a home with no down payment and no PMI
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#valoan #mortgagetips #lowpayments #sandiegorealestate #buyahome #lowercostofliving Ricardo Olea Broker Associate #02009936
eXp Realty of Southern California, Inc. #02187306

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