VA Loan Basics - Page 2

Closing costs are always part of the mortgage equation. But one of the big benefits of VA loans is that they limit what veterans and military members can pay in closing costs.

VA Loan limits act more as a guide more than a restriction on the amount of money you can borrow. Keep reading to get a better understanding on how VA Loan limits work.

Commuting into work is a common reality for many military homebuyers. However, racking up the miles on your car can affect your purchasing power and your VA loan process.

At the end of the day, you can use a VA loan to purchase land, but it will come with some strict stipulations. Learn about these requirements and how you can purchase land with a VA loan.

Private mortgage insurance (PMI) is typically required for conventional financing. Even FHA has their own version of PMI. Let’s take a look at how VA borrowers avoid this additional cost.

Your VA disability rating by itself has no negative effect on VA loan eligibility. In fact, your rating may provide cost-saving benefits and additional income when considering a VA loan, even if you have bad credit.

As with any mortgage option, VA loans have pros and cons that you should be aware of before making a final decision. Let's take a closer look.

Using your VA loan benefits to purchase a home is exciting, but if you are new to the process you may need some pointers along the way.