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It takes too long! There is too much paperwork! Lenders don't like to work with veterans! The loan amounts are not enough for today's home market! The list could go on and on. There is a lot of misinformation being passed around about VA home loans. Some of the issues raised are like most myths – they are based on fact. Lenders like my team at Supreme Lending have made it our objective to demystify the process of obtaining a VA Loan today. Let's look at some of the myths:
It takes too long!
It used to take a long time to get all of the paperwork necessary to establish your record of service. You had to know where to send the forms and, if there were any corrections to be made, the snail mail trail had to be followed all over again. Then you had to start the process over to get your Certificate of Eligibility. It seemed like your dream home could become a haunted house while you waited for things to happen. In today's wired world, paperwork can be requested online and the necessary documents can be on their way to you in a day, instead of a week. There is too much paperwork!
You used to have to muddle through layers of paperwork before you could even apply for a VA home loan. To make matters worse, the paperwork could be stored in several different government offices. The Veterans Administration has initiated several projects to address these problems. The most important of these is the electronic storage of documents. Now, anyone processing your request has the most up to date information at their fingertips.
Lenders don't like to work with veterans!
The problem was not with the veterans – it was with the system. They could spend weeks, or even months waiting on the necessary forms to be obtained. Now, lenders like www.va-home-loansonline.com have access to your records online through a program called ACE – the Automated Certificate of Eligibility system. In a few seconds, we can have what used to take a week to obtain.
The loan amounts are not enough in today's market!
The VA has been continually evaluating the housing market and adjusting their limits accordingly. Qualified veterans can now obtain a no down payment loan of up to $417,000, or a maximum guaranty of $104,250. There is no longer a limit on a VA home loan!
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