There’s a lot of misinformation out there about VA loans, and some of it keeps veterans and military families from taking advantage of their benefits. Let’s debunk some of the biggest VA loan myths!
Reality: VA loans close just as fast as conventional loans when working with an experienced lender. The average VA loan closes in 30-45 days, which is the same as other loan types.
Reality: While VA loans do have a funding fee, they don’t require private mortgage insurance (PMI)—which saves you thousands over time. Plus, disabled veterans may be exempt from the funding fee altogether.
Reality: Some sellers misunderstand VA loans, but there’s no real downside for them. VA loans do not require the seller to pay extra costs, and VA buyers can be just as competitive as cash or conventional buyers.
Reality: Veterans can use their VA loan benefits multiple times! You can even have more than one VA loan at a time if you have remaining entitlement.
Reality: VA loans can be used to buy condos, multi-unit properties (up to 4 units), and even manufactured homes—as long as they meet VA property requirements.
VA loans offer incredible benefits to military families. Don’t let misinformation keep you from homeownership! If you have questions, reach out today to get the facts and start your VA loan journey.
