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Getting approved is easier on a VA loan.
VA loans offer the easiest and most competitive lending options available for qualified veterans. By comparison, conventional lending options have dwindled and become more restrictive with the onset of the banking downturn. More importantly, VA loan guidelines have been written to protect veterans from the riskier, more aggressive terms of conventional loans.
Lower interest rates than the national average for conventional loans
On average, VA loan rates are as much as 0.5% lower than conventional loan rates. A veteran would save roughly $75 per month on a $280,000 VA loan vs. a comparable conventional loan.
Streamline Refinance or Interest Rate Reduction Loan (IRRL)
The Department of Veterans Affairs has established this specific VA refinance program to allow veterans that currently have a VA loan in good standing, to refinance to a lower rate when interest rates drop. This program is fast and easy and is full of benefits when compared to refinancing a non-VA loan.
100% financing or no-money-down purchase loans for veterans.
Veterans can purchase a home with no money down and, in many cases, no cash out-of-pocket. 100% financing on conventional loans has largely disappeared since the banking crisis. However, between record low home prices and the rise in motivated sellers there has never been a better time than now to purchase a home. Veterans have a unique opportunity to buy the home of their dreams at a fraction of the former cost.