Common Myths Regarding VA Loans
As one of the country’s VA mortgage loan experts, we see myths and misconceptions about the VA loan process every day. If you or your loved one is interested in learning more about VA loans, the VA home loan process, eligibility for these loans, and the benefits that these loans can offer over some conventional mortgage loan products, please call CityWorth Mortgage today. We are your trusted VA loan specialists!
We’ve compiled below the top 3 common myths regarding VA loans that we run into:
Myth #1: The VA loan isn’t a very competitive loan product.
Fact: Nothing could be further from the truth! The GI Bill and the VA home loan program which is a part of the GI Bill have literally changed the home ownership landscape for middle class in America for decades. Additionally, VA loans offer extremely appealing features not found on most conventional mortgages, including no or low down payment requirements and no required private mortgage insurance. CityWorth Mortgage offers the VA loan with zero down payment requirement! The VA also caps what lenders can charge in closing costs, which can save you considerably over other loan offers and products. As you can see, VA loans are extremely competitive loans which offer fantastic terms and options for prospective homeowners.
Myth #2: This is a one-time use benefit.
Fact: Your VA benefit is reusable. This is one of the most common myths we hear! The truth is that if you qualify for the VA loan program, you can purchase multiple homes using the VA loan entitlement. You can even have multiple open VA loans at the same time, and even if you have had a VA loan which was foreclosed on, you are still eligible for a new VA loan in the future.
Myth #3: You must have excellent credit to qualify for a VA home loan.
Fact: Don’t let myths like this distract you from your goal of homeownership. The VA has extremely lenient credit qualifications, meaning the experienced VA loan specialists at CityWorth Mortgage can get you into the home of your dreams, even if you’ve had some financial trouble in the past. While conventional mortgage loans will often look for a minimum credit score of nearly 700 (and higher to qualify for the best rates), the VA has no minimum credit score to apply for a loan. CityWorth Mortgage is one of the few mortgage bankers in the country that will lend to veterans with credit scores as low as 580! Of course, the higher your score, the more you may qualify for, or the better interest rate you may be able to receive. Whatever your score or credit history, don’t discount yourself before you talk to the VA mortgage loan professionals at CityWorth Mortgage!
As you can see, there are some serious misconceptions about VA loans, which is unfortunate as it can end up keeping eligible and qualified veterans, active-duty service people and others who qualify from their dreams of home ownership! If you have any questions about VA loan or the VA home loan process, call us today to speak to our knowledgeable and experienced mortgage professionals.