| VA loans often are accompanied by a VA Funding Fee, typically in the range of about 3.3%, and usually have a maximum LTV of around 90%. VA loans are especially beneficial in the case of a first time homebuyer purchase since "no down payments" are typically part of the program. And if the veteran still has their full VA entitlement, the VA loan can be a great option. However, in the case of a refinance, it is advised that the customer weigh the option between a VA and a conventional loan, considering the VA Funding fee and what is left of their VA entitlement, to see what is in their best financial interest. Typically, a borrower must be at least two years removed from any bankruptcies to qualify for a VA loan. In most cases, your mortgage professional will be able to find a program for you that fits your needs as well as, or even better than, a VA loan would. |
