• No down payment required
• VA funding fee may be financed in the loan
• VA Loans do not require perfect credit –there is no credit score cut-off
• VA funding fees may be waived for Veterans with service-connected disabilities and surviving spouses of Veterans with service-connected disabilities
• Closing costs may be shared between the buyer and lender
• Flexible mortgage types – fixed, hybrid and traditional ARMs
• No mortgage insurance premiums – this is huge in today’s housing market
• VA guaranteed mortgages are assumable
• No pre-payment penalties
• Homes are inspected and appraised by VA prior to approval and/or during construction
• VA can offer assistance to Veteran borrowers in default due to temporary financial difficulty
• Refinance and Interest Rate Reduction loans are available

All in all, the pros far outweigh the cons. And, considering there are very few “no-down payment” mortgage options around that offer lower associated fees, using your VA home loan benefit seems like a no-brainer – as long as the red tape doesn’t scare you.