What is the Best Home Loan Option For Veterans?
VA and FHA Loans are both great federal backed mortgage programs. When comparing the two federal home loan programs, it’s only natural to wonder which one might be right for you. There are obvious distinctions between military and FHA mortgages. Loan limits, qualifying requirements, down payments and fees can all vary between the two programs. Determining whether VA or FHA is the appropriate loan for a specific situation involves weighing the advantages of both. Because there is an eligibility requirement with VA loans, some borrowers can rule out this option early if they cannot obtain the Certificate of Eligibility necessary to participate in the VA Home Loan Program. Veterans and active military personnel need to have served for a certain number of days in order to be considered eligible. The Certificate shows how much (if any) entitlement a person has with the VA Loan Guaranty Program. Entitlement is the portion of mortgage that the VA will guarantee for each service person. Loan s
