VA Loan rather than regular mortgage?
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My husband who just served 3 years in Iraq was offered a VA loan. Not receiving much information on this service, we don't know if it's exactly true or what the circumstances are. We're renting at the current moment and are interested in purchasing property. Before we do so, can anyone give me details on VA loans and the difference between them and regular mortgages? Thanks in advance!
VA Loan rather than regular mortgage?I have used VA loans before. The advantage of a VA loan is that no down payment is required,and the points are lower. You still have to pay closing cost,which could amount to over $5,000,but you can include some of the closing cost in with your loan on a VA.
Lenders do not like VA loans for that reason. They try to steer you away from choosing a VA loan,saying other loans are "easier". They are "easier" for them ,because there is less paperwork. I think that this is wrong,and I wonder how many Veterans are out there that could not use their VA loans because a Realtor or a lender did not want to go through the "paperwork".,as they put it to me back in the early 80's.
Use your benefit as a Veteran,and do not let anyone deter you from using one of your benefits as a Veteran because someone does not want to fill out more paperwork.
I have heard all kinds of excuses why "other loans are better",but do not believe them,VA loans actually are better for the borrower,not the lender or the Realtor and the points are lower and will in the end cost you the Veteran a lot less money.
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