6 Misconceptions About The VA Loan

Interested in buying a home, but afraid you won't qualify for the VA loan? Maybe you've heard stories about the VA loan and how it went wrong for a family? Or, maybe you've been told you won't qualify without a 700 FICO score? Perhaps you're doubting you would be able to use the VA loan because your friend was told they couldn't use the VA loan? 

There are quite a few misconceptions surrounding the VA loan and we're here to break those myths with facts, and help you get into a home of your own at your duty station! 

Misconception #1: You need perfect credit to be approved. 

Absolutely not! The VA loan does not have a minimum credit score. It simply encourages approved lenders to provide the loan to all qualified applicants, and each lender has its own credit requirements. 

Misconception #2: You have to be Active Duty to qualify. 

Nope! Veterans, Active Duty service members, reservists, National Guard, surviving spouses, and others can use VA loan benefits!

Misconception #3: You can only use the VA loan once, and never again. 

False, again! If you use a VA home loan, it is yours! In certain cases, you can use it multiple times are once. Often times home buyers will use it again and again for their financing needs. Whether you're purchasing your starter home, or upgrading to a larger family home, or even refinancing your property for a lower interest rate, it is a great mortgage option for any stage in your life. 

Misconception #4: VA loans have upfront, unexpected costs.

Wrong! In fact, VA loans are popular because of their affordable benefits, and in most cases, zero down payments. 

Misconception #5: You have limited options on how to use the VA loan.

No way! While many believe you can only use the VA loan to purchase a single family home, you can use it for a variety of needs including: a single family home, condominium in a VA-approved complex, multi-family property, build a home, buy and improve the property, energy-efficient home improvements, manufactured home or lot (with certain lenders), refinance your VA or non-VA mortgage, and cash out equity. 

Misconception #6: VA loans have higher interest rates. 

Nope, in fact, interest rates with the VA loan are typically as low as or lower than those on conventional loans!

Don't let second-hand stories, or hear-say of others keep you from using your VA loan benefits! It's important to kn ow what your options are, and what is available to you! You deserve to be in a home of your own, and we'd love to connect you with lenders to get the process started!