A native of the Chicago area, Michael Bulmash serves as an underwriting manager for Destiny Mortgage Group, where he evaluates loan and mortgage applications to determine whether credit can be extended to an applicant. Among his duties at the company, Michael Bulmash works with a number of different types of loan packages, including Veterans Administration (VA) loans.
VA loans offer borrowers flexibility that is unrivaled by most other loan types on the market. Because the VA ensures approximately 25 percent of each loan issued to veterans, lenders who are approved to work with the VA are typically able to offer better rates and terms to borrowers. The underwriting requirements for these loans are typically more relaxed than traditional loans as well, so more people are able to qualify for home financing under this program.
The largest benefit of this loan type, however, may be the ability to buy a home without making a down payment. The VA loan is one of only three loan types to offer a 100 percent financing option.