Since its inception, the VA loan program has backed over 28 million loans, a staggering figure that speaks to its role in supporting veterans’ access to homeownership. In the past two decades alone, nearly 40% of these loans were made, which indicates the growing reliance on the program in recent years.
Additionally, the program has contributed an impressive $3.9 trillion to the US economy, further underlining its importance. Beyond its economic contributions, the VA loan system has been especially beneficial for younger veterans, with a notable portion of loans going to those aged 18-35, highlighting the program’s role in providing a financial foundation for a new generation of service members.
However, there are still challenges for veterans when trying to secure a VA loan. Brendan McKay (pictured top), owner and senior loan officer at McKay Mortgage Company, zeroed in on education as a critical issue. “In one word, I would say education on the VA loan, both on the part of service members and veterans as well as others [is critical],” he told Mortgage Professional America.
McKay emphasized that many veterans struggle to get accurate information about their VA home loan benefits. Often, when veterans search for answers, they end up in sales funnels that prioritize profits over providing genuinely helpful guidance. The result is that many veterans either don’t fully understand their benefits or receive misleading information, which prevents them from maximizing the potential of VA loans.
This lack of comprehensive education is compounded by a broader misconception within the real estate industry. McKay points out that many real estate professionals mistakenly believe VA loans are harder to close compared to conventional loans. “A lot of them have perception and reality… are not synced up right now. They think that VA loans are harder or less likely to close than they actually are.”