5 VA Loan Myths Debunked

1. 5 VA Loan Myths Debunked 5 VA Loan Myths Debunked Common Myths VA Loans VA loans are among the best benefits that military personnel enjoy. This program not only offers one of the most flexible guidelines in the home loan market, but also promises 100% financing as well as refinancing of the mortgage. Sadly, enough, not all veterans are fully aware of all the benefits of this program and this knowledge gap keeps them from making the best financial decisions. The VA loan program has evolved a lot over the years, but it is not difficult to understand. So, here is the first step towards ‘un-complicating’ this amazing financial product. These are the most common myths VA loans. Let’s get debunking. 1. It is a one-time loan No, VA loan is not a one-time benefit. A veteran can benefit from a VA loan multiple times in their lifetime, as long as they fulfill all the necessary requirements laid down for accessing the loan. There is no limit as to how many times a veteran can use their VA loan. 2. VA loans offers small amounts that can fund only small homes This common myths VA Loans is absolutely not true. The amount disbursed under a VA loan can vary from applicant to applicant, depending on their unique case. The loan amount can be as much as $1,000,000. That money can buy a pretty big home. Moreover, VA can be used for refinancing as well. This amount can reach 100% of the home value in many cases. So, the loan can not only be used to buy a house, but to refinance a loan as well.

2. 3. It is a Government program. The process is slow and the requirements are more stringent. This is quite the opposite of what VA loans actually are. This loan product has been designed for the veterans and its primary aim is to make it easier for them to take advantage of it. It is actually easier for a veteran to get a VA loan. In fact, the Veterans Association of Real Estate Professionals (VAREP) maintain that these loans actually take less time to close than the traditional loans by as much as two days. 4. Vets serving overseas cannot apply for a VA home loan until they return Men and women serving the country overseas can most definitely apply for the loan. The condition is that either their spouse should be able to occupy the property while they are away or they have plans to return to the country within a year of applying for the loan. 5. Active service men, National or Reserve Guard and widow/widowers are not eligible for a VA loan Any applicant falling in any of these three categories is 100% eligible for a VA loan. National or Reserve guard need a 6-year service record to become eligible. Widows and widowers of military personnel who lost their lives during active duty or died due to a service related injury are also eligible for the program.