We’ll help you sort the facts from fiction before applying for your VA loan.
Since 1944 when the GI Bill was signed into law by President Franklin D. Roosevelt, many Veterans have achieved the American dream of homeownership through a VA Loan. Unfortunately, many of the 25 million Veterans who are eligible may not utilize their benefit due to inaccurate information or lack of awareness that they qualify.
Here are 5 facts about VA loans you may not be aware of:
- VA lifetime benefit: Qualified Veterans can use the VA Loan Guaranty Program over and over. Whether you’re buying your first or your last home, you can use your VA benefit every time, but only for one home at a time.
- Credit score requirements: VA lenders can determine their own credit threshold on VA loans, but 620 is a common requirement. Freedom Mortgage is willing to provide loans to applicants with even lower credit scores, and works with each Veteran to find ways to help those who served.
- Quick closings: The speed in which a loan closes can depend on many circumstances but a VA loan does not require more time than a conventional loan. The best way to keep your loan on track is to work with your Freedom Mortgage Loan Advisor, who has expertise with VA Loans, so that you are familiar with all the steps to closing.
- VA loans are a safe option: VA loans tend to have the lowest foreclosure rates among mortgage products. The Loan Guaranty Service gets notified any time a Veteran is more than 60 days late on payments and can work with lenders to help avoid foreclosures.
- Surviving spouses are eligible: Surviving spouses may be eligible for VA benefits and eligibility was expanded in 2012.
Now is the best time to take advantage of the benefits you have earned and deserve. Contact us to get started today.