VA Loans
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VA loans often are accompanied by a VA Funding Fee, typically in the range of about 3.3%, and usually have a maximum LTV of around 90%. VA loans are especially beneficial in the case of a first time homebuyer purchase since "no down payments" are typically part of the program, and if the veteran still has their full VA entitlement, the VA status loan can be a great option. However, in the case of a refinance, it is advised that the customer weighs the option between a VA and a conventional loan, considering the VA Funding fee and what is left of their VA entitlement, to see what is in their best financial interest.In most cases, your mortgage professional will be able to find a program for you that fits your needs as well as, or even better than, a VA loan would.
Typically, a borrower must be at least 2 years removed from any bankruptcies to qualify for a VA loan.