Common Myths Associated With VA Loans

VA Loans provide immeasurable benefits to the veterans who have served our country. But, there are a few myths attached to them that prevent many eligible veterans from availing their benefits. Considering the years and quality of service veterans have provided to this country, it is our duty to keep them well-informed about their privileges.

So, here we are, debunking the most common misconceptions related to VA loans.

Myth #1: VA Mortgages feature high interest rates

On the contrary, VA loans offer lower interest rates than both conventional and FHA Loans. There is also no down payment requirement with these loans and you can get 100% finance for the entire amount of the home.

Myth #2: It takes forever to close a VA backed loan

If some well-meaning but ill-informed friend or relative has told you that VA backed loans take forever to close, kindly throw that advice out of the window. As per the Ellie Mae report of 2014, both VA and FHA loans take about 40 days to close, whereas conventional loans close on an average of 39 days. Now, the average closing time of VA backed loans is definitely more than conventional loans, but considering their benefits, a delay of one day won’t harm that much.

Myth #3: VA loans are not growing

You might have heard that VA loans aren’t growing lately, but that piece of information is a complete BS. Over the course of past 70 years, these veteran loans have helped more than 20 million veterans to purchase their dream home. Apart from that, VA backed loans have a seen a growth of 370 percent between the fiscal years of 2007 and 2013.

So, now that your qualms about applying for a VA loan have been negated, call All Western Mortgage now and get your VA backed mortgage approved today. For information about VA loans, click here.