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VA Home Loan Myths

Myth # 1 – My VA loan eligibility expires
Your VA loan eligibility does NOT expire.
Myth # 2 – My VA loan benefit can only be used once
It is possible to reuse your VA eligibility.
Myth # 3 – My VA loan is only for 1st time home buyers
The VA works great for your 2nd, 3rd, and dream home too!
Myth # 4 – I can only have one VA loan at a time
Ask your lender about partial eligibility! You can have 2 or more!
Myth # 5 – Qualification standards are harder
Income and credit guidelines are generally not harder. Go VA!
Myth # 6 – After a VA foreclosure, I can never use it again
It is possible to reuse your remaining VA eligibility.
Myth #7 – The program is only for Veterans, not active duty
The program is for active duty, retired, prior military, reservists, etc.
Myth # 8 – VA loans don’t work on properties that are foreclosures, bankruptcies, or short sales
Your VA eligibility may be used to purchase these.
Myth # 9 – My current home is upside down, so I can’t move up
Even if your current home is upside down, VA works.
Myth # 10 – I didn’t get approved by my favorite bank so I have to rent