Comparing VA loan benefits and private insurance
When securing a home, veterans often confuse the benefits of a VA-backed loan with the security offered by mortgage protection insurance. While a VA loan provides incredible advantages, such as no down payment requirements and the elimination of private mortgage insurance, it does not actually protect the veteran’s family from the burden of mortgage debt in the event of death or severe disability. The VA guaranty only protects the lender from financial loss if the borrower defaults on the loan. It does not