If you're a veteran and want a mortgage, would you choose a VA loan? If so, why? If not, why?

They are not popular right now because of the seller contribution. Many sellers can not afford to contribute so it makes it really hard for the vet to find a home he both loves and will accept VA financing. 4% is just way too much in the present economy.

Benefit is 100% financing- pretty good rate. But if you can afford to go conventional (20% down) you get a slightly better rate & you don't have to pay the VA funding fee (which is included in VA loan but it makes your mortgage loan higher). Both are very good loans & if down payment is an issue go VA & be happy with it. They are not nearly as hard as some people think. Good luck!

By the way, there are closing costs on VA- unlike what someone else said... try to get seller to pay them. Seller can pay up to 3% of closing costs & prepaids.

If you have a COE

And you are qualified to buy a home

Then yes, VA is the way to go

No closing cost ($5000+)

And you can finance 100% (+$6000 over for repairs)

FHA and the other conventional mortgages require typically

$5000+ in closing cost at the closing

And unless you get an 80/20 loan at 8 to 12%

You have to come up with 20% down

I hope that answers your question

Brian, VSO in Okla

The advantage is that you can, if you qualify, get 100% financing. There is more "red tape" and paperwork, however, than with a conventional loan. Shouldn't a "home loan guru" know this?

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