4) It’s pretty darn quick.
Long gone are the days when processing a VA loan was a never-ending marathon, relative to the sprint offered by its conventional counterpart. Today, using the VA’s automated system, your lender can get an electronic “certificate of eligibility” from the VA and close your loan in just a few weeks — not much different from a conventional loan.
5) You can use it more than once.
Contrary to a common misconception, you can use a VA loan more than once. If you’ve paid off the previous loan, all of your entitlement is restored, and you’re eligible to use another VA loan. One note: Subsequent use may require an increased VA funding fee.
6) You can use it to refinance.
Although rising interest rates are shrinking this opportunity, you can also use a VA loan to refinance a conventional loan or another VA loan. If you already have a VA loan, the Interest Rate Reduction Refinance Loan is a pretty sweet option. I know — I’ve used it twice. It has just a 0.5 percent funding fee, and there’s no appraisal or financial underwriting required by the VA (lender’s requirements may vary).
I’m not sure whether we’ll ultimately pursue a VA loan, but I do know one is worth considering. Visit va.gov and talk to your lender to learn all the details. But remember, VA loan or not, the smartest move you can make is to ensure the decision to buy is appropriate given your personal circumstances.Subscribe to Millspouse: This Week