1. No Down PaymentThe biggest reason buyers don't move forward with a home purchase is because they haven't saved enough for a down payment. Here is the good news: VA loans do not require buyers to come up with a down payment as they allow for 100% financing. Any cash that you have in the bank can go toward fixing up your home, property taxes and an infinite number of other things!
Related: 2 Steps for Getting Closer to Home Ownership
2. Multiple-UsesFor investors, a VA loan allows you to purchase multiple-unit properties such as a duplex or four-unit apartment structure. This means you could live in one unit while collecting rental income on the remaining units. Best case scenario: the rent pays 100% of your mortgage and puts a little cash in your pocket simultaneously.
In addition, VA loans may be used more than once up to the maximum dollar amount for a given area. In fact, loan limits will no longer be applicable beginning January 1, 2020. This means that as long as you meet the criteria for multiple VA loans, you may continue to use that type of loan. Talk with an experienced mortgage broker to learn more!
3. RefiThinking of refinancing? Most financial institutions will loan 70-80% of your home's value upon refinance. However, if you have secured a VA loan, you might qualify for up to 100% of your home's value. While it isn't prudent to take that much cash out against your home, it is an option!
4. Fewer "Surprises"Both the VA loan and inspection process is extremely thorough which results in fewer surprises pertaining to maintenance. This is extra "padding" when purchasing a new property and added security knowing that you are likely getting a good home.
Related: 5 Surprise Expenses for New Homeowners