Saving money and building credit can be difficult for service members who are constantly on the move. With the VA Loan, qualified borrowers can finance 100 percent of the home's value. Take a look at the chart below to see how much you can save through the no money down benefit of the VA Loan.

Loan Amount	0% Down	5% Down	10% Down	20% Down
$150,000	$0	$7,500	$15,000	$30,000
$250,000	$0	$12,500	$25,000	$50,000
$350,000	$0	$17,500	$35,000	$70,000
$450,000	$0	$22,500	$45,000	$90,000

Many conventional lenders require borrowers to pay private monthly mortgage insurance unless they're able to put down at least 20 percent, which is a tough task for many veterans. Private mortgage insurance (PMI) is insurance that protects lenders in case of a borrower default.

For those active duty military service members, the Basic Allowance for Housing (BAH) is a significant benefit. Lenders can count your Basic Allowance for Housing as effective income, which means you can use BAH to pay some or all of your monthly mortgage costs. Not only that, applying your BAH to a mortgage payment helps you build wealth through the VA Loan program.

BAH varies based on your pay grade, your geographic location and the number of dependents you have. With many different type of loan types, paying off a home loan before it matures results in a pre-payment penalty. This is because lenders miss out on additional opportunities to collect interest payments. The pre-payment penalty is a way for financial institutions to recoup some of that money.

The VA Loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty. With the absence of a pre-payment penalty, borrowers are free to consider future home purchases and refinancing options.