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 $1.5 million from Rocket Mortgage®!
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! You’re also eligible if you’ve served 90 days under Title 32, with at least 30 of those days being consecutive.
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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