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While VA mortgages are one of the very best mortgages out there, sometimes you are better off using a conventional mortgage.
We can get you a conventional mortgage, so please ask for your options when you apply, there are some very good reasons NOT to use your VA mortgage benefit, it all depends on your needs.
Here’s few reasons NOT to go with a VA mortgage:
If you are putting 20% down or more, you don’t need the VA guarantee for $0 down, so you can skip a lot of VA requirements by going with a conventional mortgage.
If you do not have at least a 10% disability rating with the VA, you will have to pay the VA Funding Fee, and many times if we work the numbers, you are better off with a conventional mortgage.
If you are buying a property that the VA will not approve, you are better off with a conventional mortgage. The VA has to approve all condos and town homes for example, and many complexes are simply not approved, and some cannot be approved.
If you have a paid off, free and clear home, VA will not allow a cash out refinance, so we’d recommend a regular conventional or even FHA mortgage.
If you are buying a 2nd home or investment property, VA will not fund those types of loans.
Again -ask us about the options, we’re here to help, and if you’re better off not using a VA mortgage, we can assist with other options
