VA Home Loans are designed specifically for those serving or have served in the military. When compared to other loan options, VA is often the best choice. VA loans do not have a down payment and monthly mortgage payments are often less then other loan options due to no mortgage insurance and great rates. VA loans have comparable closing cost (if not lower) to other loans, they are assumable to other qualified veterans and can be prepaid without penalty.
The VA loan qualification process is different than most other loans. Income, credit and other factors are used in different ways. Also, there is not a regular appraisal complete, but rather, a Certificate of Value, which has a very different process than a regular appraisal and may take up to two weeks to complete.
The most important piece of the VA loan is the Certificate of Eligibility. This entitles the receipt to get a VA loan with all it's benefits. Getting the certificate may take some time and paperwork, most cases can be done online.
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