Published on: September 8, 2021
Both borrows and sellers alike are hesitant about applying for VA home loans. It doesn’t help that their reputation precedes itself: a slow loan process with delayed payments. After all, VA loans have stringent requirements and a meticulous screening process. Not only that, but it is only available to people in active duty, veterans, and surviving direct relatives of deceased persons in active service.
Although updates have since been implemented to speed up VA loans, many people are not yet aware of them. These loans are also trustworthy as any other and should be considered, especially for those seeking home loans. Today we’ll need to reconsider VA home loans and look at how they work in home mortgages.
Faster Processing
Some of the initial processes with VA loans have sped up to accommodate loaners and improve their wait times. Before, a VA home loan certification involved mailing your request and getting the reply mail much later down the line. Many sellers and real estate agents might think this is still the norm.
Today, a lender can easily request verification and get the home loan verified within the same day. The same goes for its process of inspection and appraisals of properties. At best, it is only 55 days or less for the process of checking and closing. It shouldn’t stop you from getting the lowest mortgage rates in town with zero more delays since these initial processes have been upgraded.
VA Loans are Trustworthy
Although most real estate agents and sellers will accept good enough offers, some will still prefer cash or more formal loan offers. But these sellers know that VA home loans are just as trustworthy as all other forms of payment.
A sure way of gaining trust with the seller or real estate agent is a pre-approval letter. To get preapproved means the lender has looked into your financial records and credit history. A preapproval letter from your lender should include a loan amount range that will help the seller confirm you can afford the loan amount. Many house buyers today get a preapproval first to help them choose from a range of houses within their budget. Any of these house options will be easier to negotiate with as long as you hold a preapproval letter.
Financial Stability of VA Loaners
Home finance for veterans and retired veterans is as stable as any other government service. So there’s no real reason to doubt them as a viable financing option. Coupled with veteran pensions and other benefits, it makes veterans a reliable group of borrowers. It has the lowest foreclosure rates, and most borrowers finish their loans and keep their new homes long-term.
Conclusion
As long as you’ve never been bankrupt or have bad credit history from abandoning loans, you will be able to get loans as needed—VA loans included. Fortunately for many sellers, changes have upgraded VA home loan applications and processes, making it more convenient.
Pennix Mortgage understands that each type of loan will have technicalities. It is why we offer the lowest mortgage rates in Cumming GA, to make loans easy to commit and easy to complete. Call us for your immediate loan needs, big or small; we have a fitting financial solution for it.
