VA Loans

VA loans are great for first time homebuyers who served in the military. You can finance almost everything into your loan and get into it with no money down. There are a few warnings about VA loans. If you are not a first time homebuyer and you want to use your VA benefit a second time you will be charged a VA funding fee of 1.5%. It may be more beneficial to do a conventional mortgage the second time around. Ask your loan officer if VA is the best option for you. One of the benefits of a VA loan is that it does not require mortgage insurance. Depending on your loan to value, you may not have to pay mortgage insurance on your second home. You could also buy down your rate instead of paying a funding fee and the mortgage insurance could be a wash. Ask you loan officer before you lock in your loan. Have a great day!