Hey everybody, it's Jimmy Vercellino here today we're going to talk about how VA loans are different from any other loan type that exists in the marketplace.

The first and perhaps the most obvious is the fact that the VA does not require us as veterans to put any money down.

Now, if you can put money down, it's certainly worth considering, right, because you may be able to save money in the form of a VA funding fee. We can talk a little more about that later. It does not require any money down, and if you do a side by side analysis compared to a FHA with no money down or even a conventional with no money down, oftentimes, the VA loan can come out on top. I think I said conventional with no money down, you have to put money down on a conventional loan, so I need to fact check myself sometimes. All right.

But here's my point, the VA loan does not have any private mortgage insurance, which allows us as Veterans to not have to come in with any funds at closing in the form of down payment and not have to pay that private mortgage insurance, which makes VA loans incredibly unique.

One of the other things that exists with VA home loans that doesn't with any other type of mortgage is the fact that we can do a cash-out refinance on our existing primary up to 90% of the home's appraised value.

There is no other type of loan that exists on the marketplace today that will allow any homeowner to be able to take advantage of the equity that's built up in their home over the most recent couple of years or however long it's been to be able to utilize that for whatever they would like, whether it be paying off higher credit card debt, a renovation, sending their child to college, whatever the case may be. So that's a little bit about VA loans and how they're different from most other loan types.

One other quick thing that I'll mention to you, that I think is important is that the VA guideline oftentimes are much more forgiving.

For example, on a VA loan, you only have to wait two years on a bankruptcy or two years on a foreclosure. You compare that against an FHA loan right? Three years for a foreclosure on an FHA loan. Compared against a conventional loan seven years on a foreclosure. Four years on a bankruptcy.

So what the VA loan is designed to do Veterans is get us into a home sooner with more purchasing power and at the same time, save money by utilizing a home loan benefit that we have earned. My name is Jimmy Vercellino. If you have more questions, my team and I are always here to be a resource for you.