5 VA Loan Myths Debunked
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Any applicant falling in any of these three categories is 100% eligible for a VA loan. National or Reserve guard need a 6-year service record to become eligible. Widows and widowers of military personnel who lost their lives during active duty or died due to a service related injury are also eligible for the program. Visit site:

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5 VA Loan Myths Debunked

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5 va loan myths debunked

5 VA Loan Myths Debunked

5 VA Loan Myths Debunked

Common Myths VA Loans

VA loans are among the best benefits that military personnel enjoy. This program not only

offers one of the most flexible guidelines in the home loan market, but also promises 100%

financing as well as refinancing of the mortgage. Sadly, enough, not all veterans are fully

aware of all the benefits of this program and this knowledge gap keeps them from making the

best financial decisions. The VA loan program has evolved a lot over the years, but it is not

difficult to understand. So, here is the first step towards ‘un-complicating’ this amazing

financial product. These are the most common myths VA loans. Let’s get debunking.

1. It is a one-time loan

No, VA loan is not a one-time benefit. A veteran can benefit from a VA loan multiple times in

their lifetime, as long as they fulfill all the necessary requirements laid down for accessing the

loan. There is no limit as to how many times a veteran can use their VA loan.

2. VA loans offers small amounts that can fund only small

homes

This common myths VA Loans is absolutely not true. The amount disbursed under a VA loan

can vary from applicant to applicant, depending on their unique case. The loan amount can

be as much as $1,000,000. That money can buy a pretty big home. Moreover, VA can be

used for refinancing as well. This amount can reach 100% of the home value in many cases.

So, the loan can not only be used to buy a house, but to refinance a loan as well.


5 va loan myths debunked

3. It is a Government program. The process is slow and

the requirements are more stringent.

This is quite the opposite of what VA loans actually are. This loan product has been designed

for the veterans and its primary aim is to make it easier for them to take advantage of it. It is

actually easier for a veteran to get a VA loan. In fact, the Veterans Association of Real Estate

Professionals (VAREP) maintain that these loans actually take less time to close than the

traditional loans by as much as two days.

4. Vets serving overseas cannot apply for a VA home

loan until they return

Men and women serving the country overseas can most definitely apply for the loan. The

condition is that either their spouse should be able to occupy the property while they are

away or they have plans to return to the country within a year of applying for the loan.

5. Active service men, National or Reserve Guard and

widow/widowers are not eligible for a VA loan

Any applicant falling in any of these three categories is 100% eligible for a VA loan. National

or Reserve guard need a 6-year service record to become eligible. Widows and widowers of

military personnel who lost their lives during active duty or died due to a service related injury

are also eligible for the program.


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