Top 5 VA Home Loan Myths

  1. Myth: The VA appraisal is a nightmare
    • Fact: Most say that the VA appraisals take forever and the guidelines are too strict. This is not true, in fact, most of our VA appraisals have better turn times than our FHA or conventional loans. Also, the VA appraisers use the “Minimum Property Requirement” guidelines to make sure the veteran is moving into a secure and safe home, which is nothing to look down upon because they are looking out for the veterans best interest.
  2.  Myth: You can only use your VA home loan benefit once
    • Fact: The VA home loan is a life time benefit, you can use it over and over again. The only guideline is in order to use your VA home loan again, you have to pay off the previous VA loan in full.
  3. Myth: I can’t get a VA home loan if I have had a foreclosure or bankruptcy
    • Fact: The VA is very forgiving when it comes to past situations. They allow you to be eligible for a VA loan after 2 years for a chapter 7 bankruptcy, 1 year after a chapter 13 bankruptcy and 2 years after a foreclosure.
  4. Myth: You have to have excellent credit in order to get a VA home loan
    • Fact: The VA is flexible with credit scores. Most of our investors only require a 600 credit score and some will go down to 580, which is lower than most lenders allow.
  5. Myth: VA home loans take forever to close
    • Fact: Because we specialize in VA home loans and have been doing it for over 20 years, we are able to close a loan in 45 days.