The VA loan program has helped more than 24 million service members achieve the dream of homeownership since 1944.
Today, these flexible loans remain the safest and most powerful lending option on the market for military borrowers and their families. Qualified veterans can purchase a home without having to spend money on a down payment, private mortgage insurance and in some cases even closing costs.
In fact, scores of our borrowers purchase a home without spending a dime up front.
But millions of veterans and active duty personnel are missing out.
Fewer than 12 percent of the country's estimated 24 million veterans are currently using their VA loan benefits, according to government data. Many service members don't think they qualify for a VA loan or aren't sure how to pursue one.
But a whopping 33 percent of homebuying veterans didn't even know there was a VA home loan benefit, according to a 2010 national survey. That's a shocking statistic, and it underscores the need for greater education and awareness regarding the important benefits available to those who served our country.
This loan program was created to honor their service and sacrifice. VA loans continue to make homeownership possible for thousands of veterans who might otherwise struggle to secure financing. About 80 percent of VA borrowers could not qualify for a conventional loan.
Spread the Word
The VA purchase and VA refinance benefits provided by the VA Loan Guaranty Program are becoming increasingly crucial in the current lending environment. Lenders have tightened credit and underwriting requirements as a result of the subprime mortgage meltdown and housing prices are predicted to shoot up as a new wave of millennials enter the market.
That's where VA loans can become a lifeline. These government-backed loans help level the playing field and keep homeownership possible for veterans and active duty personnel who might not have sterling credit or the resources for a sizable down payment.
The key is to make sure military members and their families are aware of the benefits available. In some cases, a VA loan isn't always going to be the best solution for a particular borrower. But it should always be an option.
It's a benefit our veterans and active duty service members have earned through their commitment and dedication to our country.
To see if you're eligible for a VA loan or to learn more about what's available, visit Veterans United Home Loans or contact a loan specialist at 1-855-870-8845.
A VA loan is a mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs. Here we look at how VA loans work and what most borrowers don’t know about the program.
VA loans allow Veterans to have a co-borrower on the loan. Here we break down co-borrower requirements and provide common scenarios around co-borrowing and joint VA loans.