By Marcie Geffner - TheMortgageReports.com
Saving a $100,000 down payment to buy a home with six children in the family is no easy task.
That's why David Dei Rossi, 60, and his wife Cindy, 50, chose a VA loan when they bought their home in Gilroy, Calif., in March 2014.
The VA loan, guaranteed by the U.S. Department of Veterans Affairs, allows zero-down financing and offers borrowers competitive interest rates and flexible guidelines to qualify.
If ever there were a fan club for VA loans, Howard Lovely, Jr., surely would be a member.
He might even be club president.
Lovely, 51, likes VA loans so much he's used them for his home, business and even retirement plan.
"The VA loan system is a great program if you take advantage of it and utilize it," Lovely says.
Mike Davis has plenty of praise for the VA Loan Guaranty Program, a veterans benefit guaranteed by the U.S. Department of Veterans Affairs.
Not long ago, the VA loan had a so-so reputation. But Davis, a recent home buyer and VA borrower, formed a favorable impression of the loan based on his personal experience.
In fact, he says he'd encourage other servicemembers to look into the VA loan as a benefit of their service and see whether it makes sense for them.
"The stereotype is that it's a lot more cumbersome, and it's slower," Davis says. "I think they've made good progress on (fixing) that."