Thank you for your service.
You will get a better rate and a lower payment going with a VA mortgage compared to a conventional mortgage.
I would also consider keeping your money in your pocket instead of doing a down payment and here's why.
Let's say you're looking at a purchase price of $250,000. 10% down would be $25,000.00. Now let's look at your break even point by taking the difference in the monthly payment with 10% VS no money down and dividing the down payment by the difference in the monthly payment.
The principle and interest payment on a $250,000 VA loan at 3.25% is $1,111.14 and $1,000.27 for a VA loan of $225,000.00 so that's a difference of $111.14 per month.
Now divide the down payment of $25,000 by $111.14 and you get a break even point of 224.94 months or 18.74 years. This means you're paying $25,000 now to save $111.14 per month for the next 18+ years. Another way to look at it is you can borrower $25,000 for $111.14 per month.
Once you sink money into you home it will be difficult to get it out if you need to so instead of putting money down find some other investment vehicle that will allow you access to your money while it's still working for you.
I have a lot of experience closing and funding VA loans. Take a look at my recommendations here on Trulia from some of my past VA clients.
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
Getting a VA loan is a smart idea for anyone who is eligible. Have you talked to a lender who does VA loans yet. I've lived in the area for over 40 years so if you have any questions please feel free to ask.
Keller Williams Realty
If you need a REALTOR to help you in your home search and you're not already working with someone, call me on my cell:914-805-9053, I'd be happy to help.I've been in Orange County for 35 years,originally from Brooklyn & Queens, and I've worked with a lot of military and gov't. personnel.
Thank you for your service,Good Luck and happy New Year.
I have been originating VA loans for over 10 years. I can help you. I can talk late this afternoon or this evening if you would like. I live in Orange County.
Hudson United Mortgage