The VA loan is one of the most powerful tools available to military families when it comes to buying a home, but it’s also one of the most misunderstood. With so much conflicting information out there, it can be easy to feel confused or even discouraged during the homebuying process.
Let’s clear the air. Here are seven common VA Loan myths , plus the facts that will make your homebuying journey easier.
Myth 1: VA loans are only for Veterans
Fact: You don’t have to be retired or separated from the military to use a VA loan. Active-duty service members, members of the National Guard or reserves, and even certain surviving spouses are eligible. If you’re still in uniform, you can use your VA benefit right now!
Myth 2: You can only use the VA loan once
Fact: You can use your VA loan benefit multiple times, and can even have more than one VA loan at the same time—if you have remaining entitlement. Sold your last home? You can restore your full entitlement and use it again.
Myth 3: VA loans require 0% down
Fact: The VA loan allows for 100% financing, but that doesn’t mean you can’t make a down payment. Choosing to put money down can lower your monthly payment or even help you avoid the VA funding fee if you’re not exempt.
Myth 4: You can’t buy a condo or duplex with a VA loan
Fact: You can buy a condo, duplex, triplex, or even a fourplex, as long as the property meets VA guidelines and you live in one of the units as your primary residence.
Myth 5: VA loans can’t compete in hot housing markets
Fact: VA loans can win in competitive markets. With the right strategy plus a real estate agent and lender who knows how to present your offer, you can stand out to sellers without giving up the protections the VA loan provides.
Myth 6: VA inspections will sink the deal
Fact: VA inspections don’t exist. However, a VA appraisal which is often mistaken for an inspection, follows common-sense guidelines to ensure the home is safe, sound, and sanitary, not flawless. The goal is to protect you, not make the process harder.
Myth 7: You need perfect credit to qualify
Fact: While most lenders require at least a 620-640 credit score, the VA doesn’t set a minimum credit score. This means there’s flexibility for those with lower scores, especially if you have a strong history in other areas.
At WeVett, we believe military families deserve clarity when choosing the right home loan. The VA loan is one of your most valuable benefits, and misinformation shouldn’t stand in your way.
To learn more about these myths and others, check out our 30-min webinar here.
Interested in a free, no strings attached quote? Click here.
And if you’re feeling overwhelmed by all the VA loan myths, let’s talk. We’re always available to make sure you have the facts and the support you need.
