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VA is a great product but not necessarily for every Veteran. I've never used my entitlement because I didn't need it's benefits but any eligible vetgeran shold make sure he explores the option before deciding on the appropriate loan for him or her.Another advantage that has been mentioned and isn't as big an issue in this low rate environment is that it has the ability to refinance to capture lower rates without an appraisal and roll in the closing costs if desired.I wouldn't necessarily agree with the comment that it has more lax requirements. The VA loan has unique features that will catch some in experienced loan officers off guard. You have to be aware of residual income issues that can impact an UW decision. You could get prequalified for a $200k home and then find a steal of a foreclosure that would normally sell for $280k at $200k. That steal of a foreclosure has about 800 more square feet than the typical $200k home. VA requires you to estimate utility costs based on sq ft. That extra $112 of utility costs may create issues with residual income.
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