How A VA Loan Is Better
One of the best benefits about being in active duty or a veteran, is the ability to use the VA loan program. Here are the facts:
- Comparing to FHA or Conventional loans, VA loans require zero down payment and also will have no mortgage insurance
- With certain rules, the loan eligibility is not just for a single home. You can always upgrade or downgrade.
- As long as you are eligible for the loan, you have earned that for life. A VA approved lender can check your eligibility with DD-214 form.
- VA loans are not just for purchasing a home as you still may refinance and tap into the home equity.
- Unlike other loans, VA loans do not have a strict requirements on credit score, bankruptcies, or foreclosures. On the other hand lenders do so shopping around to find the best deal would be a big advantage.
- Perfect credit score not required
- You may be eligible for a VA loan if you are a:
- Military Veteran
- Active Duty Servicemember
- Reservist or National Guard Member
- Surviving Spouse
- Academy Cadet or Midshipman
- National Oceanic & Atmospheric Administration (NOAA) Officer
- Public Health Service (PHS) Officer
- Benefits are for life so you can use it more than once.
- Appraisals do not take any longer than any other loans
- Rates are cheaper than conventional loans
- Most veterans qualify