In addition to what Thomas said there are a couple more "benefits" with a VA mortgage.
1) You'll have more flexibility with a VA loan on your debt to income ratios which is probably going to make a difference for you since you're self employed.
2) VA will allow the seller to pay up to 4% in seller concessions (closing costs) but conventional loans are capped at 3%.
3) A little know side note when it comes to a VA loan and seller concessions - VA will actually allow the seller concessions to be used for things like paying off debt at closing to help the Veteran qualify or for things like buying out the remainder of your lease.
Check out my recommendations here on Trulia from some of my past clients by clicking the following link.
Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.
Senior Mortgage Banker
Peoples Bank & Trust
1. Because a VA loan is backed by the federal government, banks do not require a down payment.
2. A VA loan do not require PMI ( private mortgage insurance). PMI would kick in for a conventional loan if the buyer has a down payment of less than 20%.
3. Banks will also offer a lower interest rate to a VA borrower ( typically 0.5%-1.0 % reduction vs conventiuonal). A lower rate combined with no PMI can substantially lower your monthly payment.
4. Because the VA loan is backed by the goverment, banks assume less risk and have less stingent standards making them easier to obtain.
I hope this information helps.