Top 3 Best Reasons To Check Out VA Home Loans

As the economy suffers and homeowners find themselves caught in mortgages that cost more than their homes are worth, VA loans are becoming increasingly attractive.  Whether for purchasing or for refinancing, VA home loans are undoubtedly the best choice in this current market for those who qualify.  VA loans have numerous advantages over conventional home loans.  Several of these advantages are outlined below.

1. The penalties of having a lowered credit score, lower income, or unstable debt history are lessened with a VA loan.  What this essentially means is that lenders are more willing to trust you.  They are more willing to take a chance lending money to you, even though you may not have an optimally high credit score .

2. The vast majority of VA loan are zero-down loans, which means you need literally no down payment to set the loan up.  This can be advantageous if you can handle the higher principal payments over the course of the mortgage.  If not, this may be an unwise idea.  Either way, however, you have the option of no down payment, which is difficult to get in this market and provides you with a great deal of flexibility.

3. VA mortgages can be refinanced 100%, meaning that VA borrowers can always use their own home equity to get money for large-scale expenses such as college tuition or emergencies.  Refinances can also be done under the VA Streamline program, which allows borrowers to skip the application and inspection parts of the process and speeds the money along.  Often, the closing costs of the refinance are paid back later as part of the loan itself, which truly amounts to a low-cost or even no-cost refinance.

A VA loan is one of the best ways to take advantage of today's extremely low interest rates, whether you're planning to purchase or have the opportunity to refinance.  If you qualify, VA loans can be extremely beneficial.