Benefit #1: $0 Down Payment (Yes, Actually Zero)

Let's start with the big one: You can buy a home with zero down payment.

Not 3.5% down like an FHA loan. Not 5% or 10% or 20% like a conventional loan. Zero. Nothing. Nada.

According to VA.gov, veterans with full VA loan entitlement can purchase a home without any down payment, regardless of the purchase price (up to the conforming loan limit of $806,500 in most Ohio counties for 2025).

What does this mean in real dollars?

Let's say you're buying a $250,000 home in Greater Cleveland:

• Conventional loan (10% down): You need $25,000 upfront
• FHA loan (3.5% down): You need $8,750 upfront
• VA loan: You need $0 upfront

That's $8,750 to $25,000 you keep in your pocket for moving expenses, furniture, emergency savings, or home improvements.

Source: VA.gov Home Loan Benefits

Benefit #2: No PMI = Hundreds Saved Every Month

Here's where the VA loan gets even better: No Private Mortgage Insurance (PMI).

With conventional loans, if you put down less than 20%, you're required to pay PMI—typically \$100-\$300+ per month depending on your loan amount. That's money that doesn't go toward your mortgage, doesn't build equity, and doesn't benefit you in any way. It's just an extra cost.

VA loans eliminate PMI entirely.

On a $250,000 loan, avoiding PMI saves you approximately $150-$200 per month, or $1,800-$2,400 per year. Over the life of a 30-year loan, that's $54,000-$72,000 in savings.

Let that sink in. By using your VA loan benefit instead of a conventional loan, you could save enough to pay for your kids' college education, fund your retirement, or buy a second investment property.

Source: VA.gov Home Loan Benefits

Benefit #3: Ohio's $50,000 Property Tax Exemption (The Hidden Goldmine)

Here's the benefit most Ohio veterans don't know about: Ohio exempts \$50,000 of your home's assessed value from property taxes.

This isn't a one-time break. This is every single year for as long as you own your home.

How much does this save you?

Let's do the math on a \$250,000 home in Cuyahoga County:

• $250,000 assessed value × 1.8% effective tax rate = $4,500/year
• With \$50,000 exemption: $200,000 assessed value × 1.8% = $3,600/year

That's real money back in your pocket every year.

For disabled veterans, the benefit is even better. If you have a service-connected disability rating, you may qualify for additional exemptions up to $52,300 (adjusted annually for inflation).

Sources: Ohio Department of Veterans Services: Home Loans | My Army Benefits: Ohio Veteran Benefits

Benefit #4: Lower (or Zero) Funding Fee for Disabled Veterans

Most VA loans include a funding fee—typically 1.5% to 2.3% of the loan amount for first-time use. On a $250,000 loan, that's $3,750 to $5,750.

But here's the exception: If you're a disabled veteran with a service-connected disability rating, the funding fee is waived entirely.

That's an instant savings of thousands of dollars at closing.

Even if you do pay the funding fee, it's still far less expensive than the PMI you'd pay on a conventional loan, and it can be rolled into your loan amount so you don't pay it out of pocket.

Source: VA.gov Funding Fee & Closing Costs

Benefit #5: Seller Can Pay Up to 4% of Your Closing Costs

VA loans allow sellers to contribute up to 4% of the purchase price toward your closing costs—things like appraisal fees, title insurance, and origination fees.

On a $250,000 home, that's up to $10,000 the seller can pay on your behalf, further reducing your out-of-pocket expenses at closing.

In today's market, this is a powerful negotiating tool. Many sellers are willing to contribute to closing costs to close the deal, especially if it means attracting a qualified VA buyer.

Source: VA.gov Closing Costs Guide

Benefit #6: Your Loan Is Assumable (A Future Selling Advantage)

Here's a benefit most people overlook: VA loans are assumable.

That means when you sell your home, the buyer can take over your existing VA loan—including your interest rate.

Why does this matter? If interest rates rise in the future (and they likely will), a buyer who can assume your low-rate loan will pay a premium for your home. This makes your property more attractive and can help you sell faster and for more money.

Source: Veterans United: VA Loan Assumability