Veterans, who have fought for the country, have a lot of benefits. Unfortunately, not all veterans know they can have an awesome home loan benefit so they can finally live the American dream after the battles they have fought. VA loans are one of those benefits, allowing veterans to have the home of their dreams or refinance an existing one. Along with the lack of awareness about VA loans come misconceptions that make a lot of people even more misinformed and confused.
In this post, we will shed some light on the common misconceptions about VA home loans.
There’s Only One Chance to Use a VA Home Loan Benefit
No. Veterans can use this benefit several times throughout their life. However, there are certain guidelines that must be followed. Still, there is no set limit on the number of times they can use the VA home loan benefit.
VA Loans Can Only Be Bone One at a Time
If you used your VA home loan benefits to buy a home that is now being rented and you did not use all your eligibility, you can apply the remainder to a second VA home loan.
It’s only to be used to purchase a home
VA home loans can be used to refinance an existing house as well. In some cases, it can be up to 100% of the home’s value.
VA Home Loans are Only Ideal for Starter Homes
This type of home loan is available at traditional loan limits and above. That means, it’s not only for starter homes. However, each county has loan limits; therefore, it’s best to be familiar with them before applying for a VA home loan.
It takes a long time
Most VA home loans don’t take any longer to close than a conventional loan. What’s important here is to work with a lender who is familiar with the process.
It’s challenging to qualify for a VA home loan
This is not true. In some ways, it’s easier to qualify for this type of loan. You might be surprised by how fast the process can be if you have all the necessary documents ready.
It’s expensive
Do the math, and you will find that a VA home loan is less expensive than other loan programs. VA funding can be financed into the loan and is a one-time fee, which means you don’t need to think about any additional fee. A funding fee may also be waived if the veteran has a service-connected disability or if the veteran has a service-connected disability and did not receive retirement or active duty pay.
Additionally, the funding fee may be waived for the following situations:
- Veterans rated by VA as eligible due to pre-discharged review of existing medical evidence that results in the issuance of memorandum rating
- Veterans who are eligible to receive compensation but are not present because they are on active duty
- Surviving spouse of a veteran who died in service or from a service-connected disability
Conclusion
Now that we have debunked the common misconceptions about VA home loans, it’s time you get the loan that you deserve.
If you need help with your VA loan in Palm Beach, FL, Americas Mortgage Solutions is here for you. We are home loan experts who are dedicated to ensure your home purchase or refinance experience goes smoothly. Get pre-approved today! Call (561) 316-6800 to schedule your consultation.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Get Pre-Approved Today