Friday, August 25, 2017

8 Common Myths About Veteran Financing

Today I’m busting eight common myths about the VA loan.

Click here to see if you qualify for a loan

There are a few myths about VA loans out there that simply aren’t true. I’ll debunk eight of them today.

1. I can only get one VA loan; I can’t use it again after the first time. You can use your VA loan multiple times so long as you have a good payment history and don’t default on a loan. You can also have two VA loans at the same time.

2. VA loans can only be used to buy a house. If you bought your house with a conventional loan, you can refinance with a VA loan.

3. VA loans are only for starter homes. You can get a regular VA loan up to $425,000. There are VA jumbo loans available up to $1.5 million. If you have the option to use your VA loan, you should do it. It is the best loan product out there.

The VA loan is the best product out there, so use it if you can.

4. VA loans take a long time to process. VA loans take about 30 to 35 days to process, just like a regular loan. If it takes longer than that, then your lender made some mistakes. A strong lender will know how to process the loan quickly.

5. You have to be discharged or no longer in the military to use the VA loan. You can be actively serving and get the VA loan so long as you’ve served the proper amount of time.

6. I have to be at home already to use the VA loan. If you are serving overseas, you can still use the VA loan as long as one of your family members will be living in the property.

7. If I was in the reserves or National Guard, I won’t qualify. You can qualify for a VA loan if you are in any kind of U.S. military so long as you meet the terms for those branches of the military.

8. I need perfect credit to get a VA loan. We can help veterans with a credit score as low as 600. We also look at your debt-to-income ratio. You don’t need perfect credit to get a VA loan.

If you have any other questions about qualifying for a VA loan, just give me a call or send me an email. I would be happy to help you!