loanDepot Survey Finds 56% of Veterans Are Not Taking Advantage of VA Loan Benefits.
One of the ways that the government thanks our brave servicemen and servicewomen is through offering Veteran Affairs loans. Created in 1944 as part of the GI Bill of Rights, the loans are meant to help active service members, veterans, and eligible surviving spouses achieve the American Dream of homeownership. The VA does so by guaranteeing a portion of the loan, which enables companies such as loanDepot to provide these more flexible mortgages.
However, in a recent national survey, two-thirds of veterans said they are not fully aware of how to qualify for a VA loan nor the benefits of securing one. Additionally, we found less than half (44%) of veteran homebuyers used a VA loan. Veterans under 45-years old (60%) were much more likely to have a VA loan versus their older counterparts (37%). Click here to see full survey infographic.
Top benefits of VA loans include:
- More than 90% of VA loans require no down payment
- Does not require mortgage insurance
- No pre-payment penalty
- You don’t have to be a first-time homebuyer
- VA loans are reusable, meaning if you’ve outgrown your home and need a bigger one, you can sell the home and pay off the VA loan completely, then re-use your benefit to purchase another home
- The guidelines are more lenient for lower credit scores, bankruptcy and foreclosures. Unlike other loan programs, these events don’t necessarily disqualify borrowers from a VA loan.
In 2014, loanDepot worked with the U.S. Department of Veterans Affairs to develop a VA Renovation Loan Program to assist veterans in securing financing for home renovations that allowed veterans to make updates to their homes, including retro-fitting for accessibility, when needed. We have recently introduced a NO CAP VA Renovation Loan to get needed repairs and upgrade completed all in one simple loan! Apply today!
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