Is private mortgage insurance required if I put down less than 20% on a VA loan?

Answer

VA borrowers have many advantages when it comes to buying a house. One of them is that they don’t have to pay private mortgage insurance (PMI. Usually, if you put down less than 20% for a down payment, you need to pay PMI, which is usually between 0.5% and 1% of the loan amount. But even if you put nothing down as a down payment with a VA mortgage, you won’t have to pay PMI.

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