A VA loan can be obtained without having excellent credit or being debt-free.
You must serve for at least 90 days on active duty and for at least 6 years in the Reserves or National Guard to qualify.
By refinancing, you can get a better rate, access the equity in your house, or even convert your conventional loan to a VA program.
You must be an active-duty service member, a veteran with an honorable discharge to be eligible for a VA refinancing.
Private lenders, including banks and mortgage firms, offer VA home loans.
VA backs up a portion of the loan, allowing the lender to offer you better terms.
There is no requirement for a down payment or Private Mortgage Insurance (PMI) with VA, and its interest rates are competitively cheap.
You can utilize the guaranty for the VA home loan several times throughout your lifetime.
Through a VA loan, you can have less equity in your home.
It cannot be used for vacation or rental properties; the funding fee is a concern.