Pro: Mortgage insurance policy is never expected with the an effective Va loan
Con: Va finance might not be designed for all of the a property sales, in addition to 2nd land, resource properties, and perhaps, are manufactured land.
This new Va loan program is meant to let pros and you will productive-obligation armed forces people purchase property, perhaps not purchase a residential property. It indicates pros is only able to purchase a beneficial pri. 2nd land or investment features do not be eligible for the application form. Therefore, a seasoned wishing to invest in accommodations property otherwise second domestic may prefer to envision one of the better investment property fund to invest in their pick.
A different sort of prospective fraud out-of Virtual assistant money comes to property limits and you will Virtual assistant loan examination standards. Eg, qualities financed which have a good Va loan have to have year-round highway supply.