VA loans are a top benefit of military service, and with good reason.  They are the last traditional loan program to offer 100% financing and refinancing on mortgages and have the most flexible credit guidelines available.  But even though the program has amazing things to offer, many veterans are unaware of the full magnitude of their benefit.  This sad fact can be explained when you think about how much the VA loan program has changed over the years.  The VA loan doesn’t have to be difficult to understand, and every American veteran should be able to easily understand the benefits of this loan.  In an attempt to change the fact that a great benefit to our service men and women is misunderstood and underutilized, here’s an effort to debunk the top 10 myths of the VA loan:

Myth #1: Veterans only have one chance to use their VA home loan benefit.

FACT: Veterans can use their benefit multiple times throughout their life.  Actually, there’s no limit!

Myth #2: VA loans can only be used to buy a house.

Fact: VA loans can be used to refinance too – up to 100% of the home’s value in some cases!

Myth #3 VA loans are small and only ideal for starter homes.

FACT: VA loans are widely available up to $1,000,000!

Myth #4: VA loans take too long to process and close

VA loans can close fast!  Quicken Loans processes VA loans in the same timeframe as other loan types.

Myth #5: It’s too difficult to qualify for a government program.

FACT: In some ways – VA loans are EASIER to qualify for.   Numerous underwriting accommodations are made for veterans buying or refinancing a home with a VA loan.

Myth #6: VA loans are too expensive with the upfront Funding Fee.

FACT: Actually, when you do the math, a VA loan is often cheaper than FHA and Conventional loans!

Myth #7: Vets have to be discharged or retired to use their VA loan benefit.

FACT: Active service members get full access to the VA mortgage benefit too!

Myth #8: Members of the Reserves or National Guard are not eligible.

FACT: Members of the Reserves or National Guard are eligible too after 6 years of honorable service!

Myth #9: Vets who are serving away from home or overseas can’t get a loan until they can return to occupy the property.

FACT: Military men and women who are away on active duty can obtain a VA loan if they intend to return home within a year or have a spouse who will occupy the property in the interim.

Myth #10: Widows or Widowers of Vets are not eligible for the VA loan benefit.

FACT: Widows of fallen veterans who died on active duty or as a result of a service-connected disability are eligible for the benefits of a VA loan.

VA loans are an excellent way for veterans to purchase a home or refinance.  If you’re a veteran, talk to a Home Loan Expert today to find out how much you could save with a VA loan.

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This Post Has 2 Comments

    1. For VA, we have a three-year foreclosure wait period. There are certain requirements for reestablished credit in some cases. I’m going to recommend you talk to one of our Home Loan Experts by filling out this form or calling 888-728-4702.

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