QandAs: Loans

What are the cons of a VA Mortgage?

Answer:
When you apply for a VA mortgage, you are going

to have to prove to the lender that you are in fact eligible for the program. It may take a little time to obtain your certificate of eligibility, but the benefits of the loan program can certainly outweigh the drawback of having to take a little time to track down some paperwork.

For many people, the VA loan limit can be a serious con associated with this type of home loan funding. The maximum amount of money one can borrow through the VA mortgage program. In many parts of the country, this is more than enough availability to purchase a very nice home. However, in geographic areas with high costs of living and real estate prices, it can be virtually impossible to find any type of home for this amount of money.