The Department of Veteran Affairs’ VA Loans provides veterans with an excellent opportunity to own a property and start a home. This financing program’s flexibility can be beneficial to veterans’ families and when military personnel is coming home after serving away from home.
However, many myths and hearsays have shrouded the concept of VA loans and can discourage prospective applicants. We will be debunking a couple of misconceptions in this article so you’ll have a more sufficient understanding of the VA loan process.
Tips Before Applying For a VA Loan
- “A person can’t have two VA loans at the same time.” You don’t have to have one VA loan at a time. Depending on your eligibility and the VA benefits you have used, you can apply for a second VA home loan.
- “You need proper certification to apply for a VA loan.” Although it would be optimal to have a VA Certificate of Eligibility, you don’t have to let the absence of it hinder your ability to apply for a home loan. Lenders can help you obtain your certificate by requesting through a system, if need be.
- “VA loans are only for homebuyers.” Veterans can actually use the VA loans to obtain a house’s value and refinance other assets. Some limits may apply, but VA loans are typically available at traditional loan limits.
- “The VA loan process takes too long.” Consider reassessing whether the lender you’re working with is familiar with the VA loan process. The duration of processing and closing a VA loan isn’t any different from conventional or other government-funded loans.
- “It’s hard to qualify for VA loans.” It’s relatively easy to be eligible for VA loans. You don’t need an exceptional credit score either, unlike what the majority of other mortgages require. VA financing has uncomplicated guidelines that are less strict than the norm.
- “VA loans are too expensive.” The cause of this myth may be the funding fee that veterans are required to pay upfront. However, that fee only has to be paid one-time and still costs less in total compared to fellow programs. Funding fees can also be waived for various reasons, such as a service-related disability or compensation.
- “VA will have to inspect your home.” This is not the case when you’re applying for a VA home loan. An appraiser verified by the VA will coordinate with your lender to check your property’s home value.
- “Veterans can only use their VA loan benefit once.” When veterans use their VA loan benefit, it just needs to be within the guidelines. Veterans can utilize their VA loan benefit multiple times.
- “Veterans can’t get a loan if they’re serving overseas.” Military personnel who are away and on duty can still get a VA loan on certain conditions. A veteran must travel back home in a year or have their spouse stay at the property.
- “Veterans’ widows aren’t eligible for a VA loan benefit.” Military personnel may die while on duty or due to a service-related disability in some cases. Surviving wives and husbands of fallen veterans can still apply for a VA loan in that event.
VA Loans Expert: Shannon Christenot
Clarification of information is essential where there are abundant rumors. VA loans can be genuinely helpful to obtain and use. It’s only fitting for servicemen and women to claim it, with all they have done for the country. Want to get a VA loan in Los Angeles? Shannon Christenot is a licensed mortgage broker that helps clients with their home purchase and refinancing in Los Angeles. Call us now at (818) 601-2231.