Here’s one surprising fact that should startle anyone who has served the United States: While there are 21 million Veterans and Service members that live in America, only six percent of them have bought a home using Veterans Affairs (VA) home loan in the past five years.
The main takeaway is that not enough men and women who have served (or are currently serving) are reaping the benefits of their hard work and sacrifices. Considering that six percent is an extremely small number (less than 1.3 million), the chances are that you’re also in this demographic that’s paying more for a house or property than you should be!
What should you know about VA loans?
The main reason most veterans and people in service end up bypassing the program in question is that they don’t know enough about it. In fact, some lenders contribute to this problem by not educating eligible applicants about it (or simply don’t know enough themselves), something that we’re trying to prevent with this guide.
If you’re a veteran or service member who is still unaware of what the VA home loan is or why you should start using it to your advantage, here’s a guide on everything you should know:
The biggest benefit of it all
The VA loan is something that forward-thinking homebuyers and non-veterans desire above all else because it doesn’t require a down payment or mortgage insurance. Through the help of this convenient system, you’ll be able to immediately purchase your home without holding the opportunity off to save up for steep fees and a rather hefty down payment—boosting your buying power, in the process!
What is the process like?
Even though many veterans and active-duty personnel stray away from getting VA loans because they expect a troublesome process to balance out the non-existent DP and mortgage insurance, this isn’t exactly the case.
Typically, application processes for VA loans are straightforward: all they really involve is a bit of paperwork, some verification, and everything else will fall in without needing extra paperwork or lengthy processing times. For example, applying at Desert Springs Mortgage will only take a few hours and a bit of pre-application processing before you get approved since modern systems have made room for more convenient experiences!
While there are many different things that you need to know about Veterans Affairs loans, the most prominent one to take note of is that you can use them over and over again.
In essence, VA home loans are made as available as possible to veterans and service members throughout their lifetimes with unlimited uses, far from the one-and-done experience people expect. In some cases, as a matter of fact, this same financial tool can be used for multiple properties simultaneously without any form of compromise or legal loopholes!
VA Loans Expert in Phoenix
Even though the idea of using a VA loan can seem rather intimidating at first, it’s important to understand that knowing the basics will help clear things up and ensure that you don’t have anything to worry about. If you’re a veteran or active-duty service member that’s looking to purchase a new property soon, take this as a sign to get the loan in question ASAP!
We are a mortgage company in Phoenix that offers the best alternatives for mortgage payments. If you are looking for reliable refinancing solutions, we’ve also got you covered with the best options available. Give us a call today at (623) 432-1309 for a free home refinance analysis!