Perhaps the most attractive benefit of a VA loan is that a borrower can receive a mortgage without making a down payment towards the cost of the home. But navigating the VA loan market can be difficult because too many lenders use financial jargon.

Who do I talk to about a VA loan?

1-877-827-3702
Contact a VA Home Loan Representative by calling 1-877-827-3702. The VA Home Loan toll-free number operates Monday – Friday, from 8:00am to 6:00pm EST.

Do VA loans get denied?

How Often Do Underwriters Deny VA Loans? About 15% of VA loan applications get denied, so if your’s isn’t approved, you’re not alone. If you’re denied during the automated underwriting stage, you may be able to seek approval through manual underwriting.

Are there any potential issues with a VA loan?

Potential issues with VA loans include, low down payments, seller misconceptions, appraisals, and termite damage.

Can you get a mortgage with a VA loan?

VA home loans are backed by the U.S. Department of Veterans Affairs and provided by private lenders. VA loans require no down payment or mortgage insurance and have competitive mortgage rates compared to other types of home loans. Active-duty military members and veterans who meet length-of-service requirements may apply for a VA loan.

Can a veteran get a home loan with no down payment?

The VA loan is an excellent way for U.S. military veterans and other eligible borrowers to finance a home. This type of loan, backed by the U.S. Department of Veterans Affairs (VA), offers buyers no down payment, no private mortgage insurance, limited closing costs and the ability for an existing loan to be assumed by another buyer.

Why are some veterans bypassing the VA loan program?

Eligible Veterans often bypass the program as a viable option for a number of reasons. First, they may not know all the advantages. Second, they may think getting a VA loan is an arduous process to be avoided. Last, some lenders don’t take the time to teach Veterans about the program, or don’t know much about it themselves.