Myths and Misconceptions About VA Loans

One of the most affordable ways to buy a home is to use a VA mortgage. This type of home loan is guaranteed by the Department of Veterans Affairs. Some people miss the opportunity to use a VA loan because they believe in common myths about this type of government-backed loan. Let’s dispel some of the most common VA loan misconceptions.

• Myth: VA loans are only for retired military members.
  • Fact: You can use a VA mortgage to buy a home if you are a retired veteran or an active-duty service member. You just need to meet the service requirements, which depend on your era of service. Eligible surviving spouses also can buy a home using a VA mortgage. If you are not sure if you might qualify for a VA loan, we can find out for you.
• Myth: You can only use your VA mortgage benefits once.
  • Fact: VA loans are not a one-time benefit. You just need to make sure that you have remaining entitlement or restore your entitlement once your previous VA loan is paid off. You can then take out a new VA mortgage to buy another home.
• Myth: VA mortgage benefits expire.
  • Fact:  If you qualify for a VA mortgage, your benefits will not expire. No matter how much time has elapsed since your service ended, you can still use your VA benefits to buy a home.
• Myth: Getting a property approved for a VA loan is very hard.
  • Fact: The VA loan appraisal process is more rigorous than the appraisal process required for some other types of home loans. Many homebuyers worry that means that it is too arduous to pass. The appraisal process is not designed to get in your way. It is in place to help ensure that the home you are purchasing is in good condition. So, if you want to buy a fixer-upper, a VA mortgage may not be right for you. But for a home that is in good condition, you should not run into any hassles getting through the appraisal process.
• Myth: Closing takes a long time for a VA mortgage.
  • Fact: It actually doesn’t take that long to close a VA loan. You can expect around 40-50 days on average. That is similar to standard closing times for other types of mortgages. So, don’t let being on a tight time schedule stop you from applying for a VA mortgage.
• Myth: You have to be a first-time homebuyer to get a VA mortgage.
  • Fact: The fact that VA loans let you buy a home with zero down and other great benefits makes many people think that it must be a special program only open to first-time homebuyers. This myth is compounded by the fact that many people believe the same thing about FHA loans. But neither FHA nor VA loans are exclusive to first-time homebuyers. Both first-time and repeat homebuyers can take advantage of these government-backed loan programs.  

Apply for a VA Loan in Florida

Ready to take advantage of zero down payment, no PMI, and the other great benefits of VA home loans? We are based in Fort Lauderdale, and can help you buy a home here or anywhere in the state. To begin, please give us a call at (954) 359-3000 to schedule your VA mortgage consultation.