Use your VA home loan benefit

Be sure you read “Some reminders, little-know facts and tips” toward the end of the article.

After a tornado ripped through Air Force Tech. Sgt. Rhonda Stockstill’s house in Moore, Oklahoma, in May 2013, she and her husband began the hunt for a new home, thinking they would go through their previous lender to get another VA home loan.

That lender told them they would be better off going with a conventional loan that would saddle them with a $160,000 down payment and closing costs. The mortgage company “was making us jump through hoops. We were really discouraged,” Stockstill said.

After about four months of trying to work with the previous lender, Stockstill found another, Veterans United, which helped the couple secure a Veterans Affairs-backed loan within about 30 days, with a far lower down payment and a lower interest rate than what their previous lender had quoted.

The VA home loan program has guaranteed more than 20 million VA loans in the 70 years since its creation. Numbers fell during the middle of the last decade, coinciding with the rise in conventional loans to people who would not be approved now.

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