3 Myths About The VA Loan You Need Busted
As one of the most consumer-oriented loan products on the market, it's no wonder that many veterans take advantage of their home loan benefits. While the details and qualifications may be tricky to navigate, separating the fact from fiction is easy. Let's set the record straight on the most common myths surrounding VA home loans.
Myth #1: You need perfect credit to qualify
There's a good deal of flexibility in the VA loan when it comes to credit. Obviously, a good credit score is always a plus. But in the case of veteran home benefits, a less-than-perfect score doesn't automatically ruin your chances. The VA home loan actually has no credit limit, meaning your loan options are more dependent on your VA benefits, rather than a credit score.
Myth #2: Veterans are guantanteed a loan
The VA loan program is designed to make the American dream of owning a home easier for those who have served our country. The benefits of serving in the U.S. military are many, with one of the largest being the option to use a VA loan. To take advantage of a VA loan, a veteran will use his or her _____ to fulfill the financial
Myth #3: You can only get a cheap house on the VA loan
While some speculate that the VA loan will only cover a small house, you'd be surprised at the number of large, modern houses purchased through the VA loan. Because there is no down payment requirement, many people save money on their home purchasing by avoiding down payment costs. This leaves them financial flexibility to pay more over the long term for a house that fits their family and lifestyle.
It might seem overwhelming, but getting the help of a loan expert can make your mortgage experience much smoother. Talk to a Cherry Creek Loan Expert today to see if you qualify.