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There are a number of different fees that go into purchasing a home, but borrowers of a VA home loan through the U.S. Department of Veterans Affairs do not have to pay one fee required by conventional home loan borrowers.
Private Mortgage Insurance (PMI) is typically required with conventional loans through the Federal Housing Administration. PMI is extra insurance that some lenders mandate before approving loans worth more than 80 percent of the cost of a home. If the homebuyer can only pay 20 percent of the total cost of the home, then lenders use PMI to cover their bases.
However, achieving approval of a VA loan signifies a certain level of credibility that warrants the dismissal of PMI. Also, buying a house with a conventional home loan usually comes with a required down payment. Those who qualify for a VA loan may not have to provide a down payment as long as the sales price doesn’t surpass the appraised value. However, the borrower still must qualify regarding income and credit.