VA Loan Myth: All Lenders Understand the Military Mortgage Process

October 24, 2011 176 No Comments

Description

VA-eligible borrower Charles, a U.S. Army Sergeant serving in Afghanistan, wants to use his veteran benefits to buy a house in the States but meets difficulties due to misinterpretation of strict occupancy requirements for VA-guaranteed loans. Ten days before closing Charles’ lender stops the VA home loan process because his loan officer thinks the VA occupancy guidelines cannot be met as Charles is deployed overseas. Frustrated, Charles’ real estate agent contacts over 10 lenders and none of them are able to help. Finally, she connects with iFreedom Direct® VA Loan Specialist Margo, who offers her expertise in the VA home loan process and rescues the loan. She is able to clear up the VA loan myth regarding owner occupancy and clarifies that the VA is lenient when it comes to deployed service members using their home loan benefits. Charles’ loan can proceed and he is able to purchase his home with VA financing.

Mortgage

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