Advantages of VA Loans
We’ve gone over VA loans in our blog a couple times, covering some basic things to know as well as some misconceptions about VA loans. In this post we are going to cover the advantages of VA loans. For those that don’t know, VA loans are subsidized by the US government and they are the cheapest loans available.
They are available to:
- active members of the military (National Guard or Reserves)
- unmarried surviving spouses of members of the military
If you qualify for a VA loan, you should absolutely get one.
Here’s why they are the best possible loans for people who qualify.
- There is no down payment requirement, meaning you can get 100% financing.
- There is no mortgage insurance requirement, even if you put no money down.
- Interest rates are lower than they are for other types of loans.
- You are not limited to one VA loan in your lifetime. You can even have more than one VA loan at the same time.
- VA loans have the shortest waiting periods after bankruptcies, foreclosures, and short sales.