San Diego, CA (PRWEB) March 31, 2014
VA loans are home loans that are guaranteed by the U.S. Department of Veterans Affairs, and for most veterans, they are hands down the best option for homeownership around. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending news, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. A newly featured VA loan guide from LoanLove.com continues to help families and individuals to find their best options by reviewing the pros and cons of this particular home loan option.
The new article looks at the pros and cons of this loan type, and also the requirements for VA loans. It starts by saying, “If you’ve served in the military or you’re currently on active duty and you’re interested in buying a home, a V.A. mortgage could be a great option for you. In a VA loan, a portion of the loan is underwritten – or guaranteed – by the U.S. Department of Veterans Affairs, which means lenders who write mortgages under the VA program assume less risk than they would under a conventional mortgage. Home buyers who qualify for a VA loan can buy their primary home with no down payment as long as the cost of the home is less than the home’s appraised value. And, although the actual entitlement is capped at $144,000, or roughly 25% of conforming loan limits, when the cost of the home exceeds the entitlement limit but still falls within the conforming limits (the current upper limit for a conforming loan is $625,000), VA borrowers may still be able to buy the home using the entitlement AND with no down payment.”
Clearly VA loans offer a number of advantages that are not available with most loans that are not backed by the VA. Loan Love lists some of the main advantages of VA loans as:
These are some advantages that simply are not available with other loan programs. In fact, the article notes that the one of the main disadvantages of a VA loan is not being able to qualify for one. Loan Love says,
“The biggest disadvantage of the VA mortgage program: If you aren’t a veteran or involved in active duty, you’re not eligible. Other disadvantages:
For more information on VA loans, see the full guide on LoanLove.com by clicking here.