Cheryl Nightingale - Monarch Realty Group, LLC

If you're a veteran or on active military duty, you’ve likely heard of a Veterans Affairs (VA) mortgage loan and are wondering if it’s a good choice for you. You could also be eligible for a VA loan if you’re the spouse of a military member who passed away while on active duty.  A fundamental difference with VA loans is that the VA guarantees the loans made by lenders, but doesn’t lend money. The VA’s backing for private financial institutions serves as insurance against losses if a borrower defaults on a loan.  Is a VA mortgage loan right for you? Here are some pros and cons to help you evaluate: Pros: There's no need to be a first-time buyer, and if you've used this benefit in the past, you can use it again on a future home purchase.  You could qualify for a Bourne VA loan with 100% financing, and no Private Mortgage Insurance (PMI); which is required on conventional loans if your down payment is less than 20%. With a conventional or an FHA loan, you'...