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VA Home Loan, Is there really a benefit?

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I was reading the blog of a military member the other day and there was an ongoing discussion between the military member and a mortgage loan officer about the benefit and need of VA home loans. I have actually heard this before, so I wanted to discuss what I feel the benefits and disadvantages are.

VA Home Loan Benefits

credit scores take less importance
The interest rate will be lower than a typical 100% loan
No monthly mortgage insurance
Veterans pay lower closing costs
Trustworthy appraisals

VA home loan Disadvantages

VA Funding Fee
Appraisals somtimes come in lower than purchase price
Many realtors are inexperienced with VA loans
Full documentation only (is this really a disadvantage)

In the next couple of days, I am going to write about each of these benefits and disadvantages.

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