Is a VA loan better than a Conventional loan?
While everyone’s situation is different, I believe the VA loan is the best loan available for most people. There are very few ways a home buyer can qualify for a home with no down payment. A VA loan still allows for the purchase of a home with zero down payment. There are exceptions to that for those buying a home for greater than the VA county loan limits in your local area.
Besides not requiring any money for a down payment, a VA loan does not have a monthly insurance premium added into the loan payment. Unless you are putting a 20% down payment, conventional loans will require you to pay PMI, additional money added to your monthly payment to protect the bank from losing money on the loan.
It is important to point out, that if you do want to put down a large down payment of at least 20%, and not be required to have PMI added to your loan payment, then conventional loan may be a better choice for you.
Because the VA loan does not add the PMI it makes buying a home much more affordable than conventional loan programs without a large down payment other loan programs available.
Call us today to take advantage of your VA benefits and purchase your home with no down payment.