San Diego, California (PRWEB) December 11, 2012
A comparison study between the two most recent National Survey of Veterans shows a 65% decrease in the use of Veterans Home Loans, although the VA recently guaranteed its 20 millionth home loan in October of this year.
According to the surveys, lack of knowledge accounted for the largest percentage of the drop in loans, with 33.6% of the respondents citing this factor in the latest survey. The number of respondents who were unaware of the program in 2001 was significantly lower, at 19.3%. While data from the past five years shows significant gains in program usage, the overall picture of service members using the government guaranteed program to acquire home loans is bleak.
VA Home Loan Centers is dedicated to increasing the knowledge of this option for service members through its grass-roots knowledge efforts. “The data indicates that many service members are unaware of the options available to them, which we have found to be true,” says Philip Georgiades, Chief Loan Steward . “We need to make sure that every service member is afforded the opportunity of home ownership, without red tape.”
Additional results from the surveys indicate that service members are wary about using the program due to negative feedback from mortgage brokers and real estate agents. The current perception is that it would be easier to go through a conventional loan program, even though VA home loans offer great benefits, such as no down payment and lower financing costs. Although most service members think the home loan program is an opt-in benefit like the GI bill, it is completely different. This program is open to all eligible service members both active duty and retired in good standing. Recipients of a VA home loan also have better repayment options and programs to help salvage their home, security clearance and credit in the event of financial distress.
“Service members need to be made aware of the option to utilize their benefits. It’s America’s way of saying we value your sacrifice. They can save quite a bit of money and even realize home ownership by using their mortgage benefits,” says Georgiades. VA Home Loan Center is available to assist all service members and their families in becoming homeowners, which includes National Guard, active duty, retired veterans and surviving spouses.
# # #
About VA Home Loan Centers (http://www.vahomeloancenters.org):
VA Home Loan Centers (VAHLC) is a leading provider of VA loan support and real estate representation. VAHLC provides the following comprehensive services: Military short sale assistance, home buyer and home owner grants, buyer and seller fiduciary, VA mortgage application processing, and a large variety of other services related to veterans mortgages.
For more information on how VA Home Loan Centers can help assist with the home ownership process, contact them at 888-473-5596 or visit them on the web where they can chat with a live representative at http://www.vahomeloancenters.org.