For as long as I have been serving Veterans with their VA Home Loan Benefits I have heard a number of misconceptions as it relates to our VA Home Loan Benefits. These misconceptions, or shall we say myths, can have a negative impact on us for obvious reasons. For example, a Veteran may opt to go with a more expensive mortgage product like an FHA Home Loan which can end up being significantly more expensive over time. So back to the myths. What are they? Let’s take a look at the top 5 VA loan myths that heard throughout my career as a Mortgage Banker Specializing in VA Home Loans.
VA MYTH # 1. VA Home Loans take too long to close.
Not true. Many lenders quote 45-60 days to close a VA Home Loan. However, just because it may take that particular lending institution 45-60 days to close does not mean that is how long it takes to close a VA Home Loan. The VA Home Loans that we close at First Western Trust typically takes no more than 30 days.
VA MYTH # 2. VA Appraisal Process is much more difficult.
Again, not true. The reality is I would not be in business if this were the case as90% of the Home Loans that I originate are VA. VA Home Loans have multiple steps in place to protect the Veteran from overpaying for the home.
VA MYTH # 3. VA Home Loan qualifying is much more difficult.
The VA Home Loan is the most unique home loan that exists and one of the things that I love about it is that VA has applied common sense lending practices to serve Veterans. However, it’s entirely untrue to say that it’s more difficult. The truth is that in some ways they make it much easier for a Veteran to obtain financing take for example the no down payment option.
VA MYTH # 4. You can only have 1 VA Home Loan at a time.
False. A Veteran can actually have more than 1 VA Home Loan at a time as long as they have sufficient entitlement. This allows Veterans to seek financing for another home in a more desirable location while maintaining the property they are vacating that currently has a VA Home Loan on it.
VA MYTH # 5. A Veteran can only use their VA Home Loan once.
I have heard this from a lot of Veterans that served during the Korean and Vietnam conflicts. However, it’s not true. A Veteran may use his VA Home Loan as many times as they would like as long as they have sufficient entitlement.
So there you have it, the top 5 VA Home Loan myths. My hope is that you learned something about your VA Home Loan benefit after reading this. Of course, if you have any questions you may contact me me directly at my office at 602-908-5849.
Thank you and may God Bless you for your service to our great country.