A VA loan is about a lot more than zero down and no monthly mortgage insurance. Your benefit can potentially be used more than once, and with full entitlement, VA does not impose a loan limit on how much you can borrow without a down payment, as long as you qualify.
The VA itself does not set a minimum credit score, and underwriting looks beyond debt-to-income ratios by considering residual income. You may also be able to buy a 2, 3 or 4-unit property, live in one unit, and rent the others. VA loans can be assumable by qualified non-Veterans, and certain Veterans may be exempt from the VA funding fee. A voluntary 5% or 10% down payment can sometimes reduce that fee.
There’s more: sellers may be able to help with certain closing costs, the VA Escape Clause can protect you when an appraisal comes in low, and deployment does not automatically prevent an eligible service member from buying.
Your VA benefit may offer more options than you realize. Before assuming you don't qualify, have a VA-experienced mortgage professional review your entitlement, funding-fee status, credit and complete financial picture.
This content is for informational and educational purposes only and does not constitute legal, tax, or financial advice.
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