VA home loans offer incredible benefits for veterans, active-duty service members, and eligible spouses, but misconceptions about the program often cause hesitation. Let’s clear up some of the most common myths:
Myth 1: VA Loans Are Hard to Qualify For
Getting a VA loan is simpler than you think. The key is obtaining a Certificate of Eligibility (COE), which can often be done electronically in just minutes.
Myth 2: VA Loans Take Too Long to Close
VA loans now close as quickly as other loans, thanks to streamlined processes and modernized systems.
Myth 3: VA Loans Have Hidden Costs for Sellers
The only seller-paid expense typically required is a termite inspection. Closing costs are the buyer’s responsibility, just like with other loans.
Myth 4: VA Loans Have High Foreclosure Rates
VA loans actually have some of the lowest foreclosure rates, thanks to borrower-friendly terms like no down payment and no mortgage insurance.
Myth 5: VA Loans Don’t Save Money
VA loans often feature lower interest rates and no mortgage insurance, making them one of the most affordable loan options.
Discover the Benefits of VA Loans
Don’t let misconceptions hold you back. Contact our team today to learn more about how a VA loan can help you achieve your homeownership goals.