Facts about VA home loans through NHL Lending in Pembroke Pines
Currently, many lenders are putting together information on the VA loans available in Pembroke Pines for many prospective home buyers. This is because sometimes just spelling things out in black-and-white makes a difference. Loans secured through the VA are part of a 70-year-old lending program that is available for veterans.
First, knowing how VA loans work is the first step toward getting the home of your dreams, and awareness is unbelievably important when it comes to this program.
Alarmingly enough, a Department of Veterans Affairs survey was conducted back in 2004. This survey found that 20 percent of veterans didn’t know this housing benefit even existed. Currently, social media and a sagging housing market have helped more active military members and veterans to learn about home buying and what their options are over the last four years. However, there’s still more to do when it comes to educating our military personnel, past and present.
You will want to keep in mind that a VA-backed home loan may not be the best option for every veteran, regardless of whether the loan will be for purchase or a refinance. This program is almost always worth exploring and researching.
What should you know about VA loans from NHL Lending?
If you are a veteran who has less than perfect credit or if you have experienced bankruptcy, you can still qualify for a VA loan. The same is true if you have had a previous home foreclosed. You will just want to keep in mind that there is usually a two-year waiting period after the foreclosure or bankruptcy. However, there are situations where a veteran who’s experienced a bankruptcy can be eligible for a home loan after just a one year!
Another sad fact regarding VA loans is that less than 13 percent of the nation’s 22 million veterans have used the benefit according to VA benefit studies. This alarming statistic just goes to show everyone that there is still an awareness gap out there that needs to be filled to help our service members.
Lastly, you will be glad to know that that foreclosure on homes purchased with VA loans are dropping significantly, which means that the current changes are helping keep our service members, past and present, in their homes. As a matter of fact, the VA has helped 72,391 homeowners in default stay in their homes. This is because the department urges VA lenders to work with borrowers to find solutions other than foreclosure on their home. One last thing that you will want to keep in mind is that VA loans have a unique requirement, which is residual income. This is what helps keep borrowers better prepared to meet their obligations monthly and not fall behind on their bills. In addition to that, VA loans outperform all other types of home loans in serious delinquency and foreclosure. This is because this loan program has flexible requirements and a no-down-payment option. However, this program also places a premium on the financial health of its borrowers. Again, even though there is no down payment requirement, VA loans have emerged as the safest lending product on the market and are less risky to lenders.
Did you know that there are more than 1.5 million existing VA home loans currently in the United States? While information may not always be clear, there are many service members throughout the country that are taking advantage of low VA loan rates and a buyer’s market every month. Let NHL Lending in Pembroke Pines find out if you qualify for a VA home loan today!
Is it time to own a home with a VA loan?
Currently, attitudes towards homeownership are turning positive, and now more than two-thirds of American consumers feel that right now is the best time to buy a home. Based on this fact, home values also are expected to go up 2.2 percent over the next year or so and during this time, rent costs will increase about 3.2 percent over that period. These numbers showcase that now is the perfect opportunity for anyone who is looking to buy property soon and now is the perfect time to contact NHL Lending in Pembroke Pines about securing the low VA loan rates today!