Is it still worth it to use the GI home loan guarantee for Veterans?

If you are eligible for the GI home loan, is it worth going through the hoops to get approved before buying a home, or is it better to just get a mortgage like everyone else. What are the benefits and drawbacks of getting a mortgage through the VA vs. going the civilian route? I heard rumors of horror stories involving veterans in Orange county who got into financial trouble when their homes depreciated in value. I think this happened in the 70s or 80s. Thanks.

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