Veterans Who Have Not Used Their VA Loan Benefit May Be Leaving Tens of Thousands on the Table

The Most Powerful Mortgage Product Available and the Veterans Who Do Not Know They Have It

If you serve or have served this country and you have not used your VA loan benefit you may be leaving tens of thousands of dollars on the table. The VA loan is hands down the best mortgage product available in the United States today and most veterans either do not know about it or do not fully understand how powerful it is.

Judy Miller at Canopy Mortgage specializes in VA loans and considers it a genuine honor to help veterans use a benefit they have earned. Here is what that benefit actually includes.

What the VA Loan Provides

Zero down payment. No private mortgage insurance. Competitive interest rates that consistently run below conventional loan pricing for comparable borrowers. Seller-paid closing costs are allowed meaning motivated sellers can cover the buyer's closing costs as part of a negotiated transaction. No loan limit for borrowers with full entitlement meaning eligible veterans can purchase a home at any price point with zero down as long as their income supports the payment.

The benefit can be used multiple times throughout a veteran's lifetime. It is not a one-time benefit that gets used up after the first purchase. Veterans who sell a VA-financed home and pay off the loan have their entitlement fully restored and can use the benefit again. Veterans with remaining entitlement can in many cases use the benefit for a new purchase while keeping an existing VA-financed property as a rental.

Surviving spouses of service members may also be eligible to use the VA loan product which extends this powerful benefit to military families even after the loss of a service member.

Why So Many Veterans Are Not Using It

The benefit exists. The eligibility is established by military service. But a significant number of veterans are either unaware the benefit is available to them or have received misinformation about how it works that has led them to use conventional financing instead.

Veterans paying PMI on a conventional loan are paying a monthly expense they do not need to pay. Veterans who made a down payment because they did not know zero down was available are sitting on cash that could have stayed in their account. Veterans who heard that sellers do not accept VA offers or that VA loans take too long to close are operating on outdated information that may have cost them the use of a benefit they earned through their service.

The Information Worth Sharing

As Judy Miller explains this information could save a veteran thousands of dollars and the best thing you can do today is share it with someone who has served. Tag a veteran. Share this. Comment below. The benefit is there. The people who earned it should know about it and know how to use it.

Judy Miller is Branch Owner at Canopy Mortgage and works with veterans to make sure the VA loan is fully understood and used to its maximum potential. Reach out to Judy Miller for anyone who has served and wants to understand what their VA benefit can actually do for them.

Sources

VA.gov
MilitaryOneSource.mil
MortgageNewsDaily.com
ConsumerFinancialProtectionBureau.gov
NAR.realtor