The VA loan is a very great benefit that comes from serving in the military and you should take advantage of the loan if you can. However, there are pros and cons about the VA loan to consider as opposed to a traditional loan.
As stated before, the VA loan is only available to those who served in the armed forces and were honorably discharged. You will have to prove that you served your time and that you are entitled to use this benefit. Proving that you can use this benefit requires more than saying you were in the military. There are mountains of paperwork that you will have to fill out to ensure that you are eligible for the loan.
If you prove that you are eligible for the loan, you can use the loan at any time within your life. You can also use the loan multiple times as long as you are only using the loan on one house at a time. This means that you are not allowed to take out more than one loan using the VA loan at a time.
If you are able to use the loan, it is a great option because you are not required to put any money down on the house that you are purchasing. Traditional loans require 3.5% of the price of the home down at closing, which can be a great deal of money.
Even if you have served your time in the military and are eligible for the loan, you will still need to prove that you can afford your loan and have an income. In many cases, you will need to prove that you have been employed with a company for over a year and have steady income. Just because you are eligible for the loan does not mean that you will automatically get the loan. You also need to have good credit. Even if you are eligable to use the loan, if your credit is not good you will mostly likely not be able to get a loan.