Myth
Veterans can only use their VA Home Loan benefit 1 time.
Fact
The loan can be used multiple times and with today’s higher county loan limits it is possible to own more than 1 home.
Myth
Only Combat Veterans are Eligible.
Fact
VA defines a Veteran as current active service, Reserve/National Guard, Surviving Spouses, Certain National Health Service Officers, and Military Academy attendees.
Myth
VA Loans are small and only ideal for starter homes.
Fact
In January 2020, the maximum VA guaranty limit was removed subject to any previously unrestored entitlement used.
Myth
You need perfect credit to be approved.
Fact
VA does not have a minimum credit score and it the most forgiving credit qualifying loan in the industry.
Myth
VA Appraisals are a nightmare.
Fact
A VA appraisal isn’t much different from any other appraisal and have multiple opportunities for appeal of value or waiver of conditions that other appraisal types do not have.
Myth
VA loans take too long to process.
Fact
VA loans actually close faster than almost any other loans in the industry and in reality, only take as long as the lender making the loan.
Myth
VA loans are too expensive with the upfront funding fee added in.
Fact
In a side-by-side comparison between a VA loan and FHA or conventional loan, VA is always the best loan choice.
