VA vs. FHA
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
Are there circumstances when a VA home loan might NOT be the best option for me?
Many borrowers want to know whether the VA home loan guaranty program is their best option. Of course, it depends on all of the circumstances being considered. In most cases, for someone who is VA eligible, the VA Home Loan Guaranty Program offers the most benefits and flexibility. In some situations, however, the VA loan programs may not be the way to go--even for a VA-eligible borrower. Just as an example, a veteran might have insufficient entitlement for a zero down payment VA loan. This could be because he or she has not restored entitlement on a previous VA home loan. Another example might be when a VA-eligible borrower is co-signing with a non-spouse who does not have VA benefits. In this situation, a VA loan is not an option.
A discussion with a VA loan professional can help you consider your personal circumstances, weigh your options, and decide whether a VA mortgage is right for you.
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