VA partners with National Association of REALTORS® to promote VA home loan benefit

The U.S. Department of Veterans Affairs said it is partnering with the National Association of REALTORS® (NAR) to raise awareness of the VA home loan benefit for eligible Veterans, service members and surviving spouses.

According to VA, Deputy Secretary Paul R. Lawrence discussed the benefit in a recent conversation with NAR leader Jarrod Lowe. The VA Home Loan Guaranty program was created under the Servicemen's Readjustment Act of 1944, known as the G.I. Bill. VA said that for many eligible borrowers, advantages can include no down payment, competitive interest rates and no requirement for private mortgage insurance.

Lawrence said misconceptions about VA loans persist, including beliefs that the process is complicated, slower or less attractive to sellers, and that many are based on outdated information. VA said it has worked to streamline the process.

The department said it created the Real Estate Professionals VA Home Loan Toolkit to help real estate professionals understand the loan process, answer common questions and address myths. It includes eligibility guidance, buyer resources and educational content.

Lawrence also encouraged prospective buyers to prepare financially, noting costs such as taxes, insurance and maintenance. "Zero down payment doesn't mean zero responsibility," he said. VA said more information is available on its home loan website.

Source: U.S. Department of Veterans Affairs.

Originally published by True News: https://truenews.bagleyenterprises.net/stories/850