If you are a veteran or current service member, first off thank you for your service. Second, you may qualify for a VA loan.
A VA, or U.S. Department of Veterans Affairs, loan is a government backed loan that requires no down payment or PMI. PMI, or Private Mortgage Insurance, is insurance that lenders use to protect them in case of any failed obligations by the borrower. Since the government backs all VA loans, there is no need for PMI. This is great news because this helps you to save thousands of dollars throughout the entirety of your mortgage.
There are many more benefits to using a VA loan for your home. According to Veterans United Home Loans, lenders of VA loans can offer interest rates 0.5 to 1% lower than conventional loan interest rates. Lenders can also count your BAH (Basic Allowance for Housing) as income and this can be used as payment towards some if not all of your mortgage payment.
Military families already have so much to worry about. Getting a loan for a home should not be one of them.