VA Loan Updates You Need To Know From Your Military Family Lender

I’ve always had a special place in my heart for serving military families, not just during National Military Family Month, around Veterans Day, and on our other patriotic holidays each year. I come from a hardworking military family.

My Dad is a Vietnam Veteran. My Uncle and my Grandfather also served in our military. My Grandmother was a real-life, Rosie the Riveter so, I have a family history with VA loans. That’s why they’re incredibly personal to me.

Since VA loans were first introduced, just after World War II, there have been some adjustments needed in order to make sure the program remained the great Veteran benefit it is today. And in 2020, their popularity and use has only increased.

Stats Show VA Loan Usage is Up

Here are some quick and surprising stats on VA home loans from a recent article in Forbes.

  • More VA-backed loans originated in 2020 than in the 2 previous fiscal years combined (that’s 1.2 million loans!)
  • Homebuyers using VA loans increased by 11.4% compared with 2019
  • Refinances using VA loans increased 241%(!) year over year
  • 28 U.S. cities saw a jump in VA loans by 100% or more

What’s driving the increase? For one thing, our historically low mortgage rates are making it more attractive to buy right now.

Veterans are now becoming more aware of not only their home loan benefits but so is the community as a whole. 

Here are Some Myths Associated with VA Home Loans

Plus, with rates as low as they are, current homeowners are flocking to lock in lower rates traditional refinances andVA cash-out refinances.

Benefits of a VA Loan

The core benefits of VA-backed loans are still pretty unbeatable if you’re eligible for the program. They have:

  • Lower interest rates
  • Lower closing costs
  • Down payment not required
  • Private Mortgage Insurance (PMI) not required
  • No penalty if you end up paying the loan off early

There are also multiple ways you can use a VA loan. They’re not just for new home purchases. In addition to using it to buy a new home or condo, you can use it to:

  • Build a home
  • Purchase and make improvements to a home
  • Buy a manufactured home for a lot you already own or buy a lot and manufactured home
  • Finance energy improvements to your home like solar panels and heating
  • Refinance a non-VA loan to a VA loan with a lower rate
  • Refinance an existing VA loan to a lower rate
  • Cash out home equity on your existing home to pay off debt, pay for school tuition, or make home improvements

You can learn more about VA loan benefits and how to prove your eligibility at VA.gov.

I’m also happy to answer any specific questions you have about VA loans, your eligibility, and the documentation you need for the application.

Ways to Help Veterans During Military Family Month and the Holidays

Every Military Family Month, I reflect on ways I can help our Veterans, not just the Veterans in my family, but in my community too. I encourage you to check out each of these organizations below and consider how you can help Veterans right now and into the holidays.

  • Veterans Heritage Project – An Arizona nonprofit that connects students with Veterans through experiential learning programs that honor Vets and help preserve their legacy.
  • United Way Virtual Volunteer Opportunities – United Way has organized lots of virtual volunteer opportunities supporting Vets, essential workers, seniors, and schools on our community.
  • Soldier Angels COVID-19 Virtual Support – Soldiers’ Angels has been a virtual-focused volunteer organization for the past 17 years. There are lots of opportunities to give back by joining a support “team,” including writing letters to deployed servicemembers and their families, making masks, adopting military families, supporting special operations servicemembers, and more.
  • Volunteer for Veterans – The nonprofit Disabled American Veterans runs the Volunteer for Veterans campaign where you can register to help Vets in need in your community by handling errands, giving rides, doing odd jobs, and more.

Military.com has lots of other recommendations for volunteer projects that support both our Veterans and Active Duty service members this month and any time of year.

Looking to Use Your Hard-Earned VA Loan Benefit to Buy a Home?

If you’re a Veteran and you’re interested in using your hard-earned and well-deserved VA loan benefit to buy a home or refinance your existing home, I’d love to help you! Give me a call at

480-313-7103 or email me at sam@mindfulmoneyusa.com. I’m happy to explain the ins and outs of the program and help you understand how you can best take advantage of it to realize your dream of homeownership and investment.

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