A FAMILY-0WNED PUBLICATION SERVING THE AUSTIN METRO AREA AND SURROUNDING CITIES VISIT US ONLINE AT REALTYLINE.US
VOLUME 27, ISSUE 3 | JULY 2022
Dispelling VA Loan Myths that Veterans Believe Written by RIKI MARKOWITZ / Contributing Writer
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There’s a general belief that government-sponsored programs tend to be expensive, bloated and disorganized. But there is one that, for the most part, seems to have gotten it right. The VA home loan program provides government-backed loans to active duty military, veterans and their spouses. Last year, according to the Department of Veterans Affairs (VA), more than 1.4 million home loans were guaranteed by the VA — an increase of 16.5 percent from the previous year. Statistics for 2021 also reveal that the state with the highest number of VA-backed loans was California, followed by Texas. While the number of veterans getting approved for government-guaranteed home loans has increased year over year, it’s not to say the program, which turned 78 at the end of June, hasn’t had its share of hiccups. Like a lot of government programs, education about benefits — such as how to apply and the amount applicants can be approved for — can be difficult to come by or confusing to understand. As a result, lenders who don’t specialize in VA home loans sometimes provide outdated information to clients. Some even talk vets and their families out of applying for VA-backed loans because they have the impression that the paperwork is too onerous. [VA Loan continues on page 6]
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