VA Home Loan Advantages

Myths Set Straight


We have created this page because the Veterans and Active Military have not been given enough information from the real estate industry. You need all the information to make a good decision for your family.

If the borrower has a service-related disability, they may qualify for the lender to waive the funding fee, further reducing closing costs.


MYTH: VA Loans require perfect credit / higher credit score.

The VA program usually looks at only the previous 12 months of credit history, unless bankruptcy, a tax lien or a collections situation factors into your situation.


MYTH:  VA Loans require a high up front fee.

VA loans have no annual or monthly Primary Mortgage Insurance. This can save borrowers thousands in the first year. There is a funding fee that is charged but, it can be rolled into the loan. The reduced monthly payment makes up for the funding fee costs.

Down payments are extremely low. VA Loans are 100% Loan to Value Loans.


MYTH: I Can’t Get a VA Loan if I Have a Foreclosure/Bankruptcy in my Past

It depends on the discharge date of the Foreclosure. If you have had a foreclosure you will need to wait three years before you qualify. If a bankruptcy has been filed without a foreclosure it will need to be two years since the discharge date.


MYTH: VA Loans are not for short-sale or foreclosure real estate.

VA Loans can be used on any property that can pass a VA Appraisal. In my experience, if it will not qualify for a VA Loan it will not qualify for a FHA Loan either.


MYTH: The VA Appraisal is a Nightmare.

The VA wants you to purchase move-in ready homes. Choose a home in good condition, and the VA appraisal will not be a problem.


MYTH: Surviving spouses don’t qualify.

A surviving spouse that has not remarried does qualify.


MYTH: The home must be purchased in the veteran’s name alone.

The veteran or active service member receiving the benefits of the VA Loan has to be on the loan. They can add the spouse to the mortgage.

They can not add a girlfriend or boyfriend. It has to be a spouse or other veteran or active service member.


MYTH: Deployed members don’t qualify for VA Mortgages.

A POA (Power of Attorney) can be used for deployed service members. The POA can be anyone designated by the deployed service member.


MYTH: All Realtors are good VA Home Loan advisors

They should be. There is no training required to handle VA Loans. We at Veterans Only are Certified Military Residential Specialists.


MYTH: VA Loans take forever to close.

A slow lender can take longer than normal. The VA process ,if done correct, can be closed in under 30 days. This requires everyone knowing what they are doing. An inexperienced person can screw up the system and give the VA a bad rap. Problems in the VA Loan process are normally the lenders or Realtors fault.


MYTH: Veterans and Service Members only have one chance to use their VA home loan benefit.

The number of VA Loans that can be issued is unlimited. Normal circumstances only allow for one loan to be active at a time. There are instances where a Veterans and Service Member can have more than one.


MYTH: VA loans can only be used  single-family, detached homes.

VA Loans can be used for Condo’s, Town Homes, and Manufactured houses.


If you have any other myths that we have left out. Contact us and let us know.


Here is a link to the official VA website for more information on VA loans


By Josh Kindlesparker

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