The popularity of VA loans has soared in recent years, surpassing the 1 million mark in 2020, and is on pace to break that record in 2021. But despite the success of the VA home loan program, there is still some skepticism among prospective homebuyers when it comes to VA loans.
Read the top myths about VA home loans and learn the truth behind them so that you can make the best decision on whether or not a VA home loan is the right option for your specific requirements.
The first step in the VA home loan application process is getting an official verification from the VA Office. This certification will assert that the veteran, active-duty military member, or spouse has met the basic eligibility requirements.
In the past, this took a long time to complete since you had to mail a letter to the VA and wait for a hard copy when they replied. Now, the process is done electronically which means you can get results in real-time.
One of the reasons why VA loans take longer is the smaller number of appraisers in rural areas who are approved to handle VA loans. However, the VA has upped its game by modernizing and streamlining processes.
Today, VA loans close within 55 days on average but there are cases where they close more quickly.
VA loans have more relaxed requirements compared to conventional loans. But even with less stringent requirements, VA borrowers rarely default. Furthermore, VA loans are known to have the lowest foreclosure rates when compared to other loan programs!
There are home sellers who believe that they will be required to pay the buyer’s closing fees. This is not true. Typically, the only seller requirement is payment for a termite report and that’s it.
Closing costs are the buyer’s responsibility and not the seller's.
False. VA loans are half a point below conventional rates and you don’t have to pay for mortgage insurance.
Now that we’ve addressed VA home loan myths, you can now gain access to all the great benefits a VA loan provides. If you have more questions, you can ask our VA home loan experts and they would be happy to clear things out with you.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1141339
600 Anton Blvd Suite 1100
Costa Mesa, California 92626
Phone: (714) 496-9619
OCMORTGAGESOLUTIONS, INC strives to ensure that its services are accessible to people with disabilities. OCMORTGAGESOLUTIONS, INC has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
OCMORTGAGESOLUTIONS, INC makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows ocmortgagesolutions.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
OCMORTGAGESOLUTIONS, INC accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
OCMORTGAGESOLUTIONS, INC continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on OCMORTGAGESOLUTIONS, INC website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on OCMORTGAGESOLUTIONS, INC website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: firstname.lastname@example.org