Mortgage Payment Calculator Va Loan - "Verified by an expert" means that our Financial Control Board has thoroughly checked the article for accuracy and clarity. The Audit Committee consists of a panel of financial experts whose purpose is to ensure that our content is always objective and balanced.
By David McMillin By David McMillinArrow Right Contributor David McMillin is a contributor and covers topics including credit cards, mortgages, banking, taxes and travel. David's goal is to help readers learn how to save more and stress less. David McMillin
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Edited by Suzanne De Vita Edited by Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is the Mortgage Editor for , focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn Linkedin Contact Suzanne De Vita by Email Email Suzanne De Vita
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If you are a qualifying active military member, veteran, or surviving spouse, you have the option of using a VA mortgage to buy a new home or refinance an existing mortgage. VA loans have great advantages - you don't have to make a down payment, for example - but there are also disadvantages. When starting the mortgage process, it's important to familiarize yourself with all the details of what it means to have a VA-secured loan.
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VA loans are supported by the U.S. Department of Veterans Affairs (VA), but the money does not come from the government. Instead, banks, mortgage companies, credit unions, and other types of mortgage lenders offer them, and the VA guarantees them in the event of default.
VA loans are only available to veterans, active duty military personnel and their surviving spouses. Many qualifying borrowers also use VA loans. In the first quarter of 2022, the VA guaranteed over 256,000 home loans totaling more than $83 billion.
Whenever you make an important financial decision, it's important to weigh the pros and cons, and a VA loan is no exception.
The VA loan is not the only financing choice. Consider the following options, especially if you don't qualify for a VA loan:
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For many borrowers, VA loans are a hit and miss. But even if you qualify, there are times when a VA loan isn't the best option.
For example, if you're a qualifying borrower who currently owns a home but wants to sell and buy another primary home to make a large down payment -- 20 percent or more -- of the sale to spend on your next home purchase, a VA loan may not make sense for your next home purchase. home,” says Rob Killinger, senior loan officer at Mortgage Network in Massachusetts. “If you were to take advantage of a VA loan in this scenario, you may have to pay a VA financing fee, whereas a conventional loan program does not require such a fee.”
On the other hand, the VA loan offers special benefits that other financing does not have. For example, a qualified borrower might buy a two- to four-unit home with a VA loan of zero that he wants to live in instead of a single-family home, says Killinger. In comparison, a conventional loan requires at least 15 percent on a multifamily home.
Even so, the financing fee can be expensive. If you plan to live in your home for less than two years, it may not be worth paying that fee to get a VA loan.
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If you're still unsure whether a VA loan makes sense for you, speak closely with your loan officer, who can outline all of the different mortgage options you qualify for and help you make a decision.
David McMillin is a co-author and covers topics such as credit cards, mortgages, banking, taxes and travel. David's goal is to help readers learn how to save more and stress less.
Edited by Suzanne De Vita Edited by Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is the Mortgage Editor for , focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn Linkedin Connect with Suzanne De Vita via Email Email Suzanne De Vita Mortgage Editor
Reviewer: Robert R. Johnson Reviewer: Robert R. JohnsonArrow Right Professor of Finance, Creighton University Robert R. Johnson, Ph.D., CFA, CAIA, is a professor of finance at Creighton University and president and CEO of Economic Index Associates, LLC. About Our Review Committee Robert R. Johnson Professor of Finance, Creighton University "Expert Verified" means our review committee has thoroughly reviewed the article for accuracy and clarity. The Audit Committee consists of a panel of financial experts whose purpose is to ensure that our content is always objective and balanced.
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By David McMillin By David McMillinArrow Right Contributor David McMillin is a contributor and covers topics including credit cards, mortgages, banking, taxes and travel. David's goal is to help readers learn how to save more and stress less. David McMillin
Edited by Suzanne De Vita Edited by Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is the Mortgage Editor for , focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn Linkedin Contact Suzanne De Vita by Email Email Suzanne De Vita
Reviewer: Kenneth Chavis IV Reviewer: Kenneth Chavis IVArrow Right Senior Asset Manager, LourdMurray Kenneth Chavis IV is a senior asset manager providing comprehensive financial planning, investment management and tax planning services to business owners, executives, engineers and physicians
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