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VA
Loan Myths Did you know that mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) — have soared since the housing crash?
During a time of tight credit and tough lending, this long-cherished program backed a record 631,151 loans in fiscal year 2015. VA loans aren’t just grabbing market share — they’re snagging headlines, too, from talk of their industry-low interest rates to their surprising safety.
But countless veterans and military families are still missing out, in part because of longstanding myths and misconceptions. A perception of red tape and bureaucracy is something VA officials continue to combat.
Myth 1: You must have perfect credit to secure a VA loan
This one is one of the most egregious myths about VA loans.
Myth 2: VA loans cost more than other traditional loans
These $0 down loans come with a host of big-time benefits that have made homeownership possible for millions of veterans and service members who might otherwise be left on the sidelines.
Myth 3: VA loans take a longer time to close than other loans
VA loans have long fought a reputation for being slow and choked with red tape. Completely inaccurate.
VA loans also had a higher closing success rate than conventional loans throughout all of 2015.
Myth 4: No down payment makes VA loans risky business This is one of the surprising — and surprisingly neglected — stories of the housing recovery. These $0 down loans have had the lowest foreclosure rate of any mortgage on the market for most of the past eight years, according to data from the Mortgage Bankers Association. Note: See full report in The Veterans Bee - February 2016. The Perfect Travel Companion
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