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Sellers often get picky when they have more than one offer on their home. There are various factors that come into play in terms of which offer is the highest, but also which offer comes with the backing of a lender and loan that won’t have issues during the closing process.

There is a reputation that exists among sellers that VA Loans might be susceptible to not closing. While there may have been some issues with getting VA Loans across the finish line several years ago, that has since changed.

VA Loans, which offer lenient qualifying guidelines for active duty military, Veterans and surviving spouses, are backed by the federal government. Because of this, they come with less risk for lenders. The idea that VA Loans are less likely to close than other loan programs is false.

Data shows that VA Loans, on average, actually close more often than other loans. Specifically, in 2018, an Ellie Mae report stated that 74.3 percent of VA Loans close, while 74.1 percent of other mortgages close. And the April 2019 Ellie Mae Origination Insight Report found that VA Loans had a higher closing percentage (77.3) for purchases than Conventional Loans (76.5).

Hawaii active duty military and Veterans can take advantage of these loans that offer 100 percent financing* and no mortgage insurance with confidence in knowing that their loans will close as easily as most other loan programs. Likewise, sellers in Hawaii (Oahu), should rest assured and be confident that if an offer on their home comes in backed by a VA Loan that there is a strong chance that it will close.

At Element Mortgage, we take pride in helping Veterans with VA Loans because the men and women of our military are the ones who protect our freedoms as a nation. In addition, Element Mortgage is backed by American Pacific Mortgage which in 2018 was recognized as a best military lender by National Mortgage Professionals Magazine.

If you have any questions about VA Loans, make sure to reach out to one of our mortgage consultants.

*Qualifying factors may apply. Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%.

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