Many service members and veterans are looking to take advantage of their VA loan benefit but aren’t quite ready to take the leap into homeownership.
A condo may have amenities and benefits that better fit your lifestyle. The VA offers the same guaranty on condominium purchases as they do for traditional home loans. Veterans are offered a less vigorous application process and lenient credit requirements helping more veterans own property with no money down and lower monthly payments with a VA loan.
The past few years FHA loans have been enormously popular. This is largely a byproduct of the fact that FHA financing is a known quantity; these loans have been used by more than 37 million borrowers since the 1930s.
No less important, FHA financing is safe. Like VA loans, an FHA mortgage doesn’t have any “gotcha” clauses that create unfair costs or surprise foreclosures.
The popularity and safety of FHA financing raises a question: Instead of getting a VA mortgage would it make more sense to get an FHA loan now and save your VA entitlement for later?