What are the benefits of a VA loan vs conventional mortgage?


A VA loan vs. conventional mortgage has many obvious benefits. If you are a veteran or active duty, the VA mortgage loan can offer a lot of advantages over conventional home loans.

Advantages of VA Home Loans vs. Conventional Mortgages

  • VA loans save you cash by requiring No Money Down;
  • VA mortgages have great rates and require No PMI (private mortgage insurance);
  • Generally available to amounts of up to $417,000 but larger loans are also possible;
  • They have more flexible guidelines and are easier to qualify;
  • If you have bad credit, VA loans get you better rates than conventional and other alternatives;
  • VA loans offer the same variety of home loans as conventional mortgages - fixed rate mortgages (FRM), adjustable rate mortgages (ARM), hybrid ARMs, etc.

The only strict requirement is that you have to be eligible for a VA loan. Income and credit requirements are looser and bad credit can be worked up with a loan specialist. You have to obtain a Certificate of Eligibility through a VA lender or VA Eligibility Center to make use of VA benefits.

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