Key Differences of VA Loans vs Conventional Loans

Buying

 Our Chicagoland service personal and veterans give so much to our country. While they
sacrifice so much, there are a few special benefits that only these service men and
women can take advantage of; one of the best benefits is the VA Loan. 

The VA Loan is different from a Conventional Loan in many ways. Both
provide great interest rates for buyers and are both backed by US
Government guarantee programs, this is where the similarities end.

Bullet Points on Differences/Advantages of the VA Loan


• 0% Down Options – VA Loans offer the option of a 0% down payment vs
conventional loans which need 10-20% minimum down payment.


• No Private Mortgage Insurance (PMI) Required- This is a huge benefit!


• More Lenient Credit Qualifications – FICO scores are used for both
conventional and VA Loans, but VA Loans consider a lower threshold for
loans while still offering favorable interest rates.


• Can Be Used More Than Once – VA Loan borrowers can regain their
eligibility for a VA Loan without giving up their first loan. In other words, if a
service member wishes/needs to rent out their current home to move, they
can regain their eligibility and use the VA Loan Programs again.

VA Loans is a great benefit for our service men and women who give so much to
their country.