Final answer:
The key benefit of a VA loan is that it offers favorable terms and conditions for eligible veterans, active-duty service members, and their surviving spouses to purchase a home without a down payment and with lower interest rates.
Step-by-step explanation:
The key benefit of a VA loan, or Veterans Affairs loan, is that it offers favorable terms and conditions for eligible veterans, active-duty service members, and their surviving spouses to purchase a home. One of the main advantages of a VA loan is that it does not require a down payment, allowing veterans to become homeowners without having to save a large sum of money upfront. Additionally, VA loans typically have lower interest rates compared to conventional loans, which can result in substantial savings over the life of the loan.