Traditional loans typically require a buyer to provide at least 10 percent of the home's price as a down payment — and with today's stricter lending environment that down payment can soar to 15 or 20 percent. For many first-time homebuyers, supplying that amount of money upfront simply isn't possible. The VA Loan is one of the few programs in the country that doesn't require a down payment. Many first-time homebuyers don't have a strong credit history, which can make it more difficult to get approval for a mortgage or qualify for an affordable interest rate. Since they are government-backed, VA Loans are easier to qualify for at competitive rates. The VA Loan is also very appealing to first-time homebuyers since it offers lower monthly payments. VA Loans don't require the added monthly expense of private mortgage insurance (PMI), leaving more money in your pocket each month. In addition, the competitive VA Loan rates can save a typical buyer thousands over the lifespan of the loan.