Many Veterans Relying on VA Home Loans, But Not All
Many veterans rely on VA home loans when looking into purchasing a home. And why not?
“If you can qualify, the VA loan is the best program out there,” Darren Ferlisi, a loan officer with Integrity Home Mortgage Corp. in Frederick, Md., told MarketWatch.
VA loans come with lower interest rates than conventional loans, don’t require PMI, and also allow for lower credit scores.
Still, some veterans are steered away from the program because lenders prefer to pitch products that are better for the bank, rather than the borrower.
“Some veterans think VA loans are somehow inferior to a conventional loan, but they really aren’t,” said Dennis Wynant, vice president for sales at mortgage lender LoanDepot.com, in Foothill Ranch, Calif. “It takes lenders more work and time to process VA loans than conventional loans, which cuts into profits.”
Image via flickr/Mike Mozart