VA

VA Loans are reserved for active-duty military personnel, veterans, and surviving spouses. The U.S. Department of Veterans Affairs backs VA loans financially. They are very popular because they require no down payments, have lower interest rates and closing costs than non-VA loans resulting in significant savings, don’t require mortgage insurance, and are assumable upon home sales which can increases proceeds considerably when homes are sold.

There may be an up-front fee (funding fee) based upon the loan amount that can be included in it, so the fee doesn’t have to be paid out-of-pocket. It could also be required when refinancing. 

While the US Department of Veteran Affairs doesn’t require a credit score for VA loans, most lenders offering them do of at least in the mid-500s. VA loans are a win-win for those who can qualify for them! No other loan offers so many advantages!