Welcome back to our first Your Next Mission^® video podcast in 2023! Many people like to set goals at the beginning of the year, like getting in shape, making a large purchase, or saving money. We want to help you! We were fortunate to kick off the New Year with Christopher Davis, Assistant Vice President for Real Estate Lending at Navy Federal Credit Union (NFCU). Davis, who is passionate about mortgage lending, has spent more than 30 years in his craft and is a true VA home loan specialist.

What is a VA Loan?

There are many types of home buying loans available to buyers, but with the economy we face and rising prices, it’s important that military Families understand the great benefit they have when they decide to use their VA loan entitlement to purchase their primary residence. VA loans often have a lower interest rate because they’re guaranteed by the government. Additionally, unlike other loans, buyers may finance a shocking 100% of the purchase price.

NFCU surveyed 1000 active duty Servicemembers and Veterans and found that 29% of homeowners didn’t use a VA loan because they didn’t know or didn’t think about the benefit. Here are some other misconceptions that were discovered:

1. I can only use it one time. It is a benefit that you can use multiple times.
2. Processing may take longer. The loan processing takes the same amount of time as a normal conventional loan. It generally takes 30-35 days to close a loan; however, loans can be closed faster for individual circumstances.
3. I must have a down payment. Since a VA loan is 100% financed, you are not required to provide a down payment.

VA Loan Tips

Individual circumstances will dictate the conditions of the loan, but there are key things that potential buyers can do to aid the process.

• Check your credit score. The VA doesn’t set a minimum criterion for credit scores; however, having a good credit score assists the process.
• Talk to different lenders. There are many lenders. Not all are experienced in VA loans or the unique needs of a military Family. Look for a loan specialist who has strong knowledge in VA financing.
• Have your DD214 or statement of service. These documents will provide your certificate of eligibility which is issued by the VA to the lender.

If you have questions about pre-qualification or the VA loan process, call the NFCU Member Services at 1-888-842-6328 or visit online at www.navyfederal.org to move forward.

Don’t let others intimidate you about the VA loan process, whether an agent, loan provider or other individual. There are few times when another loan is a better option.

For More Information

Watch the full video on this week’s Your Next Mission^® video podcast episode on our website or on our YouTube channel.

Your Next Mission^® is a program initiative of the American Freedom Foundation, a non-profit
dedicated to serving our Veterans and Families. Your Next Mission^® video podcast with host
12th SMA (R) Jack L. Tilley features insightful conversation with subject matter experts from the
military and civilian communities. It’s a place where we can have frank and honest
conversation, tackle the tough questions, share stories, and have some fun along the way.