VA Loan - Pros and Cons

[Bill Clement]

Hello, I am looking to purchase my first home using the VA loan. My mortgage consultant recommended it, and overall it looks to be a great opportunity, however I am hoping to get insight from experienced members regarding the pros and cons. More specifically in regards to cons, what specific inspection criteria does the appraiser look for that could fail the inspection? Has the VA ever declined financing last minute or taken an unusually long period of time to close? This will be a property I keep for two years - I will be renting a room in that time and building sweat equity until I can refi conventional and reuse the VA loan on another property. Any insight is appreciated! Thank you.