Not much these days.

Conventional loans are more competitive than VA loans as far as rate and fees go.

You can get in with nothing down but you can do that without the VA. And get a better rate.

Maximun loan amount may or may not apply in your area.

It used to be but it is really not a benefit anymore. That is really smoke and mirrors. The system needs a major overhaul. SO what if the government guarantees your loan... if you don't make the payments they still take it away from you.

I am a disabled Viet Nam Veteran and my VA loan is still available to me and I wouldn't even consider using it. No sense... it is not a good deal.

The GI bill ain't what it used to be.

You may need a lender to answer this question?? Some loan programs today may be better than using your VA loan certificate. are you looking in Castle Rock?

All good advice for the most part, plus I have one more thing to add. First, my husband is retired military and 80% of our business is VETS so I feel qualified to respond since we deal with a high volume of VA loan buyers. If you are rated as disabled your funding fee is waived so check into it. A lot of people will try to scare you off of a VA loan because of the funding fee and a lot of vets don't have to pay it because of their disability rating. I prefer VA over FHA in regards to vets, there is a reason the government calls it a 'benefit'. Also, there is a lot of grant money available that can be used in conjunction with the VA loan so definitely look into those programs in the area you will be buying. In regards to high interest rates, I don't see that with the lenders I do business with. VA loans pay a lot of money on the back end to the lender so they don't need to jack the price up on you so shop your loan. Lastly, call USAA first because I'm seeing no one beat USAA's VA loans and closing cost at the current time. At least you know you can trust USAA and use them a check point as you shop the loan with other lenders. Best of luck!

There is a VA loan program. However, you would have to compare w/ FHA and conventional to see which one would be more beneficial. Consult with a mortgage broker or bank. Banks also have first time home buyer programs and are waiving a lot of fees based on good credit.

Hi Geoff:
I just happen to be a veteran; and don't ask me why - but I've never used my VA Loan benefit. Don't get me wrong - I did try once - but the criteria was so stringent on the pre-inspection I just went for the traditional loan option.

However, the VA Loan allows you to purchase without a down (the loan can only be based on the lowest factor: appraisal or sale price), the VA Guarantees your loan (unlike FHA/HUD where they only insure the loan), and the VA will not allow a pre-payment penalty on your loan.

Contact your local Veteran's Affairs Office to insure you have all the details. Good luck to you!

Geoff,
Being a veteran provides an additional funding option. Although I am a Realtor, with the purchase of our first home we used the VA Loan. While we had the money to cover a monthly mortgage, property taxes and monthly recurring expenses we did not have the money to cover a down payment nor closing costs.

While the interest rate was not the best, it was okay and far better than renting. As our equity grew in the home over time there was a return on investment and allowed us to move into our second home six years later.

Make sure that you compare, for instance, each service usually has a Credit Union (i.e Navy Federal) and they may competitive programs. We shopped around, at the end of the day, we still went with the VA Loan and were confident that we made the best decision.

Make sure you check out the General Rules for Loan Eligibility http://www.homeloans.va.gov/elig2.htm and then take it from there.

Good Luck,

Geoff....With you VA eligibility you can also purchase with no money down and have sellers pick up closing costs. I believe they call this a VA no, no. No down and no closing costs.

Hi Geoff:

Have you looked into loans available to veterans? This link might be a good start for you: http://www.homeloans.va.gov/

This should answer many of your questions about obtaining financing as a veteran.

Congratulations on your journey to purchasing your first home!