Have You Served in the Military? VA Loans Are Easier Than You May Think.

VA Loans Are Easier Than You May Think.

If you are a veteran and planning to buy a home, you may want to consider using your VA Benefits, and look into a VA Loan. People who have served in the military may qualify for this type of mortgage loan.

There are myths surrounding the VA Loan, which sometimes makes them unpopular with buyers and their agents, and thus, they are underutilized. However, once you know the true facts, you may want to think seriously about using a VA Loan, rather than a Conventional Loan or an FHA Loan.

Compared to Conventional and FHA Mortgage Loan, VA Loans should be considered for the following reasons:

Require NO DOWN PAYMENT,
Have a LOWER INTEREST RATE,
CLOSE ESCROW MORE SUCCESSFULLY, AND
CLOSE MORE QUICKLY.

The Interest Rates are Generally Lower than a Conventional or FHA Loan.

Not only are the interest rates generally lower than a Conventional or FHA Loan, but, as a Veteran, there is no down payment and no mortgage insurance with a VA Mortgage Loan.

The VA Loan Successfully Closes Escrow More Often Than a Conventional or FHA Loan.

With more flexible credit standards for VA loans, these loans close successfully at a greater percentage of the time than a Conventional or FHA Loan. VA Loans are approved with FICO scores 100 lower than non-VA Loans.

The VA Loan Closes Escrow as Quickly as a Conventional or FHA Loan.

Finally, some buyers and their agents believe a VA Loan takes longer to close. This is also not the truth. According to the data, VA Loans close in 40 days from acceptance.

Shattering 4 myths about VA loans | Inman News

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998. He is a real estate Broker, holds a Bachelor's Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates - buyer, sellers and investors.

His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity. Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.