Why A Va Loan

Is a VA loan a good idea if you have no money?

If you can afford to pay the mortgage on a home but don't have money in savings for a down payment, then a VA loan might seem like a good solution. But there's a downside to not putting any money down on a home, and it's important to be aware of it before moving forward.

What are the pros and cons of a VA loan?

The benefit of taking out a VA loan is not having to make a down payment. By contrast, with a conventional mortgage, you'll typically need to make a sizable down payment (some lenders will accept as little as 5%, but many require at least 10%).

Can you get a VA loan for a conventional mortgage?

If you're a member of the U.S. military or a military veteran, you may be eligible to take out a VA loan. To be clear, you're not limited to applying for a VA loan. If your finances allow for it, you can apply for a conventional mortgage.

Should you skip the down payment on a VA loan?

That's why you need to be careful with a VA loan. Though skipping the down payment might seem like a good thing, it can also backfire. Though many military members and veterans turn to VA lenders when they need to borrow for a home, it's not your only solution.

Similar Posts

Leave a Reply

Your email address will not be published.