There are distinct differences between VA and Conventional loans as well as significsant advantages for buyers who qualify for a VA loan.
1. Because a VA loan is backed by the federal government, banks do not require a down payment.
2. A VA loan do not require PMI ( private mortgage insurance). PMI would kick in for a conventional loan if the buyer has a down payment of less than 20%.
3. Banks will also offer a lower interest rate to a VA borrower ( typically 0.5%-1.0 % reduction vs conventiuonal). A lower rate combined with no PMI can substantially lower your monthly payment.
4. Because the VA loan is backed by the goverment, banks assume less risk and have less stingent standards making them easier to obtain.
I hope this information helps.