How do VA loans compare to conventional loans?
Purchasing a home is one of the largest financial decisions you shall make. Therefore, it is important to choose a loan that will be best for your long-term finances.
If you have served in American armed forces, you may be eligible for a Department of Veterans Affairs loan, also known as a VA loan. However, keep in mind that the VA loan may not be right for every buyer – and there are inherent advantages and disadvantages of a VA loan compared to conventional loans. VA Info such as this article can be found on many great Veteran Loan websites throughout the web.
VA loan eligibility qualifications
VA loans are not simply reserved for those brave men and women who fought in American armed forces during war. Even if you were a member of the armed forces during peacetime, you may qualify. There are several categories for which you may qualify for a VA loan, with the eligibility details highlighted at the Department of Veterans Affairs website: :
- If you served in wartime
- If you only served your country during peacetime
- If you are a widow or widower whose spouse died during active duty, or as a result of active duty injuries, and you have not remarried
- If you are a merchant seamen who served during WWII, keeping our supply lines open for the military
- If you have had any military, reserve duty, National Guard service, or have graduated from any of Military Service Academies
Be sure to check out more information regarding VA Benefits by visiting the VA.gov website