VIENNA, Va.–(BUSINESS WIRE)–May 3, 2022–
Navy Federal Credit Union today released its first-ever VA Loan Spotlight Report – a comprehensive overview of service members’ understanding and opinions of VA home loans and how they use them. VA loans are designed to make the dream of home ownership more accessible to military families, but the report uncovered common misconceptions about these mortgages, which often prevent military members and their families from taking full advantage of their benefits. hard earned.
Published in coordination with Operation Homefront, The Spotlight on VA Loans The report is based on 1,000 online interviews with active duty military and veterans, both among current Navy Federal members and the general population, as of the end of 2021. Respondents responded to more of 20 questions that highlighted their experiences with home buying and mortgages, their opinions on VA loans, and their understanding of their benefits. These survey results informed Navy Federal’s new VA Home Loan Requirements guide for homebuyers who want to use a VA loan, but aren’t sure where to start.
Main conclusions of the Spotlight on VA Loans the report includes:
- The best part about VA loans? No deposit: VA loans require no down payment, but 32% of veteran respondents and only 12% of active duty respondents are aware of this major financial benefit. Meanwhile, 17% of veterans and 45% of active duty soldiers believe a down payment of more than 20% is necessary.
- Myths about paperwork and delays: Federal Navy data has consistently shown similar processing and closing times for VA and conventional loans. Still, 58% of active-duty military and 40% of veterans believe VA loans have delays due to paperwork; and 40% of active-duty respondents and 18% of veterans say “VA loans are more of a hassle than they’re worth.”
- Eligible but not aware: Almost all military (95%) say they know what a VA loan is and know they qualify for it (89%). However, 29% of homeowners who did not use a VA loan said the main reason they chose not to was either unfamiliar with VA loans or did not think they were. use one.
“VA loans can make home buying and home ownership much more profitable for veterans and military members than conventional mortgages, but like the Spotlight on VA Loans report confirms, many eligible buyers are unfamiliar with the benefits of VA loans and may even hold a negative view of them,” said Kevin Parker, vice president of Field Mortgage Originations at Navy Federal Credit Union. “Our hope is that this report will help dispel some of the myths around VA loans and encourage military members and veterans to learn more about the tremendous benefits they have earned.”
As a member of Spotlight on VA Loans report, Navy Federal is also donating $10,000 to Operation Homefront. Donation, made in honor of Military Appreciation Month, will support Operation Homefront’s mortgage-free, rent-free housing programs that help military and veteran families have a better chance of achieving the dream to access the property.
“We are deeply grateful for the continued support of the Navy Federal Credit Union as we work together to find ways to help our military families achieve the American dream of homeownership,” said Brigadier General ( (retired) John I. Pray Jr., President and CEO of Operation Homefront “Clearly, the entire NFCU team shares our belief that our collective efforts have a national impact, as strong military families strengthen their communities. and these strong communities, in turn, make America stronger.”
For more information on the Spotlight on VA Loans report and resources to help military members realize their dream of home ownership, visit https://www.navyfederal.org/resources/articles/home-loans/va-loan-report.
About Navy Federal Credit Union: Founded in 1933 with just seven members, Navy Federal now has the distinct honor of serving more than 10 million members worldwide and is the largest credit union in the world. As a member-owned, non-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all branches of the armed forces and their families. Dedicated to its mission of service, Navy Federal employs more than 19,000 people and has a global network of 351 agencies. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.
About Operation Homefront: Celebrating 20 years of service to America’s military families, Operation Homefront is a national, nonprofit organization whose mission is to build strong, stable, and secure military families so they can thrive — not just fight for s out – in the communities where they worked. difficult to protect. Recognized for superior performance by leading independent charitable watchdog groups, 88% of Operation Homefront spending goes directly to programs that support tens of thousands of military families each year. Operation Homefront provides essential financial assistance, transitional and permanent housing, and family support services to prevent short-term needs from turning into long-term chronic struggles. Thanks to the generosity of our donors and the support of thousands of volunteers, Operation Homefront proudly serves American military families. For more information, visit OperationHomefront.org.
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CONTACT: Jessye Jewell
KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA
KEYWORD INDUSTRY: PROFESSIONAL SERVICES DEFENSE OTHER PROFESSIONAL SERVICES BANKING FINANCE OTHER DEFENSE
SOURCE: Federal Navy Credit Union
Copyright BusinessWire 2022.
PUBLISHED: 05/03/2022 09:38 AM/DISC: 05/03/2022 09:38 AM
Copyright BusinessWire 2022.