VA Loans Still Easy in Tough Lending Market

Top lender iFreedom Direct reports that VA loans have easier qualifying than other loans and are surging in volume.

2012-12-13

SALT LAKE CITY, UT, December 13, 2012 (Press-News.org) Top national VA mortgage lender reports VA loan qualifying guidelines are still relatively relaxed compared to the increasingly difficult standards in conventional lending. The majority of iFreedom Direct mortgages are made to veterans who earn home loan benefits through military service.

The federal guarantee to lenders on every VA mortgage allows lenders to offer more attractive terms like zero down payments, no private mortgage insurance and easier qualifying. These features make the program very attractive to borrowers with military home loan entitlements. But, for those without these benefits, mortgage qualifying these days may be anything but a cake walk.

A side-by-side comparison may help show how much easier it is to get a VA loan:

Loan Qualifying Comparison

VA LOANS
Down Payment for Purchases: 0% (up to $417K)
Debt-to-Income ratio: 41%
Loan-to-Value ratio: Up to 100%
Monthly Mortgage Insurance: Never
Minimum Credit Score: 640/660

FANNIE-FREDDIE LOANS
Down Payment for Purchases: 21%
Debt-to-Income ratio: 33%
Loan-to-Value ratio: 70% (conventional refinance)
Monthly Mortgage Insurance: Required for LTV of 80%+
Minimum Credit Score: 763 (average)

The VA provides loan qualifying guidelines to its approved lenders, though each lender may have its own minimum credit scores and qualifying guidelines. The Fannie-Freddie loan stats are according to a recent report put out by Ellie Mae, Inc. a mortgage software company. About 2 million Fannie-Freddie loans were considered in the study, which represents about 1/5 of all new loans.

In addition to tougher qualifying requirements, it's taking longer to process Fannie Mae and Freddie Mac loans. In fact, the study reveals the average time from application to closing on these purchases is 49 days.

Despite this tough lending climate, iFreedom Direct reports VA loans seem increasingly popular among borrowers with military benefits. Most of the VA loans the company originates close within 14 to 29 days. And, numbers are surging in line with the Department of Veterans Affairs accounts. According to the New York Times , VA loans are up 50% in the fiscal year ending September 2012. And, though lending standards for other mortgage programs are tighter compared to last year, the VA hasn't changed its qualifying guidelines.

Veterans Advocate for iFreedom Direct, Valery Behr, says, "Our military members make so many sacrifices to serve our country. Easier loan qualifying and faster closing seems one small way to say thank you."

According to a Veterans Benefits Tweet on October 18, 2012, the VA has backed 20 million veterans' loans since 1944, and the VA has the largest zero-down home loan program in the U.S.

iFreedom Direct is a top-ranked VA lender providing the country's eligible borrowers with federally-backed mortgages through the VA Home Loan Guaranty Program. The company offers VA purchase and refinance loans and can customize terms for each qualified borrower's budget. The company funds VA-backed mortgages in nearly every U.S. state. To learn more about iFreedom Direct and the VA loan program visit www.directvaloans.com.

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VA Loans Still Easy in Tough Lending Market

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