The Military Family Network™                  

VA Home Loan Information

The VA Loan has a stigma, and while it's not a debilitating stigma, it is one that gives prospective homeowners reason to pause before moving forward with VA financing for a new home.

There's too much red tape, paperwork and it takes too long to close a VA Loan.

These are the main culprits behind gripes as to what's wrong with the VA Loan, but if those are the biggest problems behind the only zero-down loan program on the mortgage market today, don't let those reasons stop you from considering a VA Loan.

VA Loans continue to be one of the best loan options for veterans and active duty military that are looking to purchase a home. The VA Loan has relaxed credit requirements, and with those relaxed credit requirements come low interest rates that you won't find with other conventional loan products.

VA Loans do have safeguards in place, most notably the VA Appraisal process, to ensure that a VA borrower is getting a home that is reasonably priced and in good condition. The appraisal isn't a guarantee, but it helps buyers get the most for their purchase.

Regarding paperwork, sure the VA Loan does have extra paperwork; however would you as the borrower rather read up on a couple extra VA disclosures or find out that your interest rate is going to adjust three years after the purchase? Being informed on the largest purchase that most of us will ever make in our lives is not a bad thing. In fact, I'm sure you know someone either directly or indirectly who wishes they had been a little more thorough the last time they bought a house without a VA Loan given the state of the mortgage industry. Knowledge is power folks.

Finally, do not get caught up on how long it takes to close a VA Loan, because in most cases, a VA Loan will close in the same amount of time it takes to close a conventional loan. Provided you have a good loan officer and real estate agent who both know how the VA Loan works, you'll be fine.

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