The VA loan is something that most people are familiar with. However, there are a lot of facilities about the VA loan program. We are here to help debunk some of these common VA loan myths so you can become more informed about the buying process for veterans.
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Debunking Common VA Loan Myths
Many people hold misconceptions about these government-backed loans. Here are the most popular myths, and the truth:
MYTH: A VA Loan is a one-time benefit.
TRUTH: Getting a VA Loan is a lifetime benefit. In fact, you can even use it more than once and a the same time.
MYTH: You can only have one VA Loan.
TRUTH: You can only use your VA Loan to purchase a home for a primary residence. When you want to move from your first home, you can keep the first home with your VA Loan, and rent it, or you can use the home as a second home.
MYTH: The appraisal process is a nightmare.
TRUTH: The process really doesn’t differ from the average conventional appraisal process.
MYTH: You cannot get a VA Loan if you’ve had a foreclosure or filed for bankruptcy.
TRUTH: This is only true for the past two years.
MYTH: VA rates are higher.
TRUTH: VA Loans are backed by the government and government loans tend to offer the lowest rate available on the market.* As a “thank you” for your service, your VA Loan eligibility means you can save money over the life of your loan, simply by locking-in a lower interest rate.
MYTH: All lenders offer VA Loans.
TRUTH: Lenders have to be approved directly by the VA to offer VA Loans.
Don’t fall for these common VA Loan myths. If you have questions regarding your VA Loan benefits, contact our team today. Our trusted experts can assist you in sorting through the myths and facts regarding your VA home loan.
*Rates are subject to creditworthiness and eligibility. Eligibility and approval is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral and underwriting requirements. Direct Mortgage Loans, LLC is licensed in Maryland. Direct Mortgage Loans, LLC NMLS ID# is 832799 (www.nmlsconsumeraccess.org). Direct Mortgage Loans, LLC office is located at 11011 McCormick Rd Suite 400 Hunt Valley, MD 21031. This is a paid endorsement. Equal housing lender.*