Do VA Loans Have Mortgage Insurance or PMI?
No, PMI is additional insurance that lenders require for most home buyers who obtain loans that are more than 80% of their new home's value. In other words, buyers with less than a 20% down payment are normally required to pay PMI. VA loans do not require a down payment, however veterans and eligible military homebuyers are not required to pay this additional insurance or PMI. .
The fact that VA loans do not have PMI is one of the major reasons in which the veterans use the VA home loan when purchasing property. Not only do VA loans allow you to get a home with no money down but you will save anywhere from $80-$300 a month by not having to pay additional private mortgage insurance.
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