There are many unique advantages of a VA loan as opposed to a conventional loan. With so many changes to the mortgage industry, options for a conventional loan with $0 Down have almost all but disappeared and a VA Loan is one of the only $0 Down home loan options.
Most people think that obtaining a VA Loan means sifting their way through a bunch of red tape, which equals more work. However, Tiare Fullerton specializes in streamlining the Hawaii VA Home Loan process to save you time and effort and get you in the home you want to be in. She is a VA approved lender and has helped many families and individuals take advantage of the Hawaii VA Home Loan instead of a conventional loan.
Advantages of VA Loan vs Conventional Loan
Down Payment: VA Loans offer a $0 Down payment. A conventional loan usually requires a 10% – 20% down payment. Since the VA loan is backed by the government banks will not require any down payment. This also makes the VA loan one of the only loans left to offer 100% financing.
No PMI Required: Worried about Private Mortgage Insurance (PMI)? Don’t. The VA loan is backed by the government and does not require PMI. Conventional loans require PMI, which is an added monthly expense when you finance more than 80% of the value of the property.
Standards and Guidelines: The standards and guidelines for loans can vary by lender so it is important to work with someone who has experience and knowledge of the VA home loan process. Your loan officer can play a significant role in the closing process. However, once again the VA is backed by the government, which allows banks to assume less risk and allow for much easier qualification standards. This can make the VA Home Loan much easier to obtain than a conventional loan.