gettyimages 74177495 5 things you probably didnt know about VA loans

Real estate agents arrive at a brokers tour showing a house for sale with a list price of $1.3 million May 17, 2007 in San Rafael, California. (Justin Sullivan/Getty Images)

When the GI Bill was signed into law by President Frankin D. Roosevelt in 1944, many veterans were able to achieve the American dream of homeownership. That’s thanks to VA loans.

And yet, many of the 25 million veterans who are eligible may not utilize their benefit due to inaccurate information or lack of awareness that they qualify.

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And so, here are 5 facts about VA loans you may not be aware of:

  1. VA lifetime benefit: Qualified Veterans can use the VA Loan Guaranty Program over and over. Whether you’re buying your first or your last home, you can use your VA benefit every time, but only for one home at a time.
  2. Credit score requirements: VA lenders can determine their own credit threshold on VA loans, but 620 is a common requirement. Freedom Mortgage is willing to provide loans to applicants with even lower credit scores, and works with each Veteran to find ways to help those who served.
  3. Quick closings: The speed in which a loan closes can depend on many circumstances but a VA loan does not require more time than a conventional loan. The best way to keep your loan on track is to work with your Freedom Mortgage Loan Advisor, who has expertise with VA loans, so that you are familiar with all the steps to closing.
  4. VA loans are a safe option: VA loans tend to have the lowest foreclosure rates among mortgage products. The Loan Guaranty Service gets notified any time a Veteran is more than 60 days late on payments and can work with lenders to help avoid foreclosures.
  5. Surviving spouses are eligible: Surviving spouses may be eligible for VA benefits and eligibility was expanded in 2012.

Now is the best time to take advantage of the benefits you have earned and deserve.

If you’re concerned about what the VA loan process may look like for you, speak with a Freedom Mortgage loan specialist about your specific situation anytime at 800-601-0770, or apply online today.

ehl logo 39x41 5 things you probably didnt know about VA loansFreedom Mortgage — NMLS ID: 2767 Equal Housing Lender — is a sponsorship partner of ConnectingVets.com. They are proud to be America’s No. 1 VA lender.

907 Pleasant Valley Avenue | Suite 3, Mt Laurel, NJ 08054 | Lender: NMLS ID: 2767

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