With Veteran's Day in the rear-view mirror, the holidays are right around the corner. With all of the focus around the Veteran's holiday, Drive Research teamed up with loanDepot to conduct a national study with this targeted audience regarding Veteran's (VA) loans. The data and findings from our market research is described in this blog post.
Below is a summary of a recent study completed by our market research firm in cooperation with loanDepot of California. It summarizes the project into objectives, approach, and results.
The market research was featured here on the loanDepot website.
The survey aimed to better understand usage of VA loans among veterans and families.
In October 2017, Drive Research conducted a 13 question online survey with (1) veterans or active military members, National Guard, or Reservists, (2) those married to a veteran or active military member, National Guard, or Reservist, or (3) widow/widower of a former military member, National Guard, or Reservist.
All respondents were screened to ensure they had a home mortgage. The objectives of the survey were to understand knowledge of VA loans, drivers to usage of VA loans, VA loan benefits, and demographics of VA loan users.
An online survey was administered to a national panel of respondents who fit the targeted profile requested for VA loans. The survey was drafted, designed, programmed, tested, and managed by Drive Research.
A total of 400 respondents completed the survey from October 26 to October 30. This represents a margin or error of approximately +/- 5% at the 95% confidence interval which represents strong reliability.
Drive Research is an independent national market research firm located in New York State. The survey was branded with its logo and no mention of the sponsor of the research was made at any point during the process (in this case, loanDepot). This ensures results are statistically reliable, unbiased, and factual using this military and veteran focused sample across the country.
Here is the infographic based on the data collected by Drive Research.
Here were some of the key takeaways form the market research on VA loans:
- The main benefits of VA mortgages were no or low down payments and low rates.
- 56% of survey respondents have not taken advantage of VA loans.
- Only 1 in 3 respondents knew about the benefits and qualifying criteria of VA loans.
- Those under 45 are much more likely to use VA loans.
- 16% cited lack of awareness of benefits and qualifications as a main barrier.
- 2 barriers to using a VA loan are credit scores and not knowing who to contact.
- 1 in 10 were a victim of predatory lending with VA loans.
- Predatory lending is more common with younger respondents and women.
- Among those victims, 90% said the benefits are worth it and would try it again.
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