3 Vets tell their home and VA loan stories

By Marcie Geffner - TheMortgageReports.com

Saving a $100,000 down payment to buy a home with six children in the family is no easy task.

That's why David Dei Rossi, 60, and his wife Cindy, 50, chose a VA loan when they bought their home in Gilroy, Calif., in March 2014.

The VA loan, guaranteed by the U.S. Department of Veterans Affairs, allows zero-down financing and offers borrowers competitive interest rates and flexible guidelines to qualify.

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If ever there were a fan club for VA loans, Howard Lovely, Jr., surely would be a member.

He might even be club president.

Lovely, 51, likes VA loans so much he's used them for his home, business and even retirement plan.

"The VA loan system is a great program if you take advantage of it and utilize it," Lovely says.

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Mike Davis has plenty of praise for the VA Loan Guaranty Program, a veterans benefit guaranteed by the U.S. Department of Veterans Affairs.

Not long ago, the VA loan had a so-so reputation. But Davis, a recent home buyer and VA borrower, formed a favorable impression of the loan based on his personal experience.

In fact, he says he'd encourage other servicemembers to look into the VA loan as a benefit of their service and see whether it makes sense for them.

"The stereotype is that it's a lot more cumbersome, and it's slower," Davis says. "I think they've made good progress on (fixing) that."

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