“We get accolades from the real estate community all the time,” he said. “Most of the problems have been with lenders who are unfamiliar with the government lending space.”
The same, Bell said, is true of veterans lately.
“What we’re hearing, once we educate them, once they’re armed with information to bid, it definitely helps them,” Bell said. “They just want more, that’s something we want to help.”
Support their constituents
Bell said one of the best ambassadors for the VA loan program are the veterans themselves, from their average credit score of 722 to their average assets of $54,000. But there are other perks, including a 25% VA guarantee of any government-guaranteed home loan against default and other government-covered application fees that speed up the process and save veterans money. the money.
“Our default rates are among the lowest in the industry,” Bell said.
As a veteran himself, Bell can also speak to the value of the program. “I’ve used it five times in my life and I’ll tell you there were times I couldn’t have bought a house if it wasn’t for the VA,” Bell said.
But he is quick to add that this is no longer the case and VA home loans are becoming a product of choice.
“It’s not ‘I have to go to them because I can’t get a loan anywhere else,'” he said. “It’s actually because it’s the lowest rates, the lowest fees. From a funding perspective, VA should be the route I take.
FHA also busts myths
The Federal Housing Administration has also been busy trying to dispel myths about its programs. In June, it launched a four-part webinar series aimed at educating borrowers and lenders on common myths associated with using an FHA-insured loan to buy a home.
Topics include: loan eligibility; afford a house; find the right home; and tips for buying your first home.
Here are some of the myths conveyed by the videos: a home inspection is mandatory; you must have perfect credit; you cannot qualify for a mortgage if you have student debt; and new homes require no maintenance.