Had a long conversation with Tim and Sue yesterday about using his VA zero down loan guarantee, versus conventional zero down home loans.
Both options are good options.
The VA loan allows wider qualifying lattitude when it comes to carrying other debt, and forgiving recent credit dings such as a late payment from time to time.
The conventional loan programs typically offer lower interest rates, more flexibility in payment options, and significantly lower closing costs.
I showed them five different options on a spread sheet so they could choose the loan they felt most comfortable with.
In the end, they preferred one of our zero down conventional home loans, paying interest only, giving them a payment $600 a month less than the VA loan.
Next, I showed them how they could make regular monthly payments, and accumulate $7,200 a year automatically in their investment account.
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