Thank you, U.S. Veterans, for serving our great country, the United States of America. To those who are still overseas, we pray for your safety. To those who are back home, welcome. To all, we express our respect, appreciation, and gratitude.
VA Loans Are Gaining Popularity
The VA home loan program for is flying at record levels. New VA loans for Veteran home buyers has more than doubled since 2007.
In 2011, VA loans were about 3% of the purchase market. Today, they are approximately 7%.
For new construction, VA loans make up about 14.5%.
An estimated 22 million U.S. veterans may be eligible for VA loan benefits now.
Advantages of VA Home Loans
* VA loans require zero down payment.
* VA interest rates are competitive with prime conventional loans.
* VA underwriting offers more generous requirements for credit and debt ratio (depending on the individual lender).
U.S. Veterans: A Heads-Up!
Not all VA loans are priced the same, so Veterans still need to do their due diligence and shop for the best deal. For example, recently I saw a $2,000+ fee difference between two lenders with the same interest rate for the same borrower.
The best way to shop for a mortgage is to contact one bank, one mortgage broker, and a third lender of your choice. Ask for a Cost Estimate Worksheet, and then describe your scenario. For example, you might say, “I am looking for a VA loan, 30-year fixed rate, $350,000 purchase price. My credit score is 685.”
If you have any concerns about getting the best loan, please feel free to take advantage of my personal coaching service.
God bless you, U.S. Veterans, and God bless America!
