How do VA loans Compare To Conventional Loans?
Purchasing a home is one of the most significant financial decisions you shall make. Therefore, it is essential 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 excellent Veteran Loan websites throughout the web.
VA loan eligibility qualifications
VA loans are not merely reserved for those brave men and women who fought in American armed forces during the war. Even if you were a member of the armed forces during peacetime, you might qualify. There are several categories for which you may be eligible 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 merchant seamen who served during WWII, keeping our supply lines open for the military
If you have had an army, 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