There are a variety of options for VA loans, some even coming with the option of no down payment.
VA Loan Features Include:
- No down payment (unless otherwise required)
- Competitive interest rates
- VA funding fee is able to be financed
- Often lower closing costs (or comparable to traditional loans)
- No monthly private insurance payments
- Loan features are assumable
- No prepayment penalty
- Ability to apply two years post bankruptcy (sooner than a traditional loan)
- Default assistance to prevent foreclosure
As you can see, VA loans provide great advantages for veterans and military personnel.
Watch Maureen’s brief video explaining the basics of a VA loan: