VA Loans: Advantages VS Disadvantages
There are advantages to taking out a VA loan rather than a traditional loan for your mortgage.
The mortgage is guaranteed by the US Department of VA affairs in the U.S. and supports supply financing for veterans and their families.
Another plus for taking out a VA loan rather than a traditional loan is that VA loans allow for higher debt to income ratios and lower credit scores.
There are no prepayment penalties on a VA loan. Many banks charge a prepayment penalty for paying off a traditional mortgage loan early.
With conventional loans to get a lower interest rate, you also need a higher credit score. This is not a necessity for VA loans.
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