Buying a home is a complex process. Veterans and servicepeople may face additional hurdles based on their circumstances, especially if they listen to some misconceptions.

VA Loans are serviced by a private lender but are backed by the Department of Veteran Affairs. While there are no limits on borrowing amounts, there are limits on how much the VA guarantees. VA Loans must be used for primary residences, require no down payment and offer the flexibility of lenient credit requirements.

We’re here to clear up any misconceptions people may have about the VA Loan because Veterans deserve to know that buying a home isn’t complicated. Let’s debunk five myths about this loan.

Myth 1: Only Combat Veterans are Eligible
This is incorrect. Whether you’re currently or previously served our country as a servicemember, reservist, National Guard, or, you’re a surviving spouse, you do qualify for these benefits.

Myth 2: Takes Too Long for Appraisal
VA Loans and their processes work much the same as a traditional mortgage application.

As soon as you find a home you love and sign the agreement, the lender will initiate the process, which includes an appraisal. This process can take as little as one week.

Myth 3: Too Much Red Tape
While it may seem like a government-backed loan may take longer than conventional ones, the truth is that VA lenders have authority to underwrite loans without government review and approval. This actually speeds up the process.

Myth 4: One-Time Use
VA benefits can be used multiple times, unlike some first-time homebuyer programs.

The great part is the VA Loan will grow with you. From your starter home, to more square footage to fit for your growing family, a VA loan will work in concert with your needs.

Myth 5: Higher Interest Rates
Some applicants seeking a VA Loan may think they’ll pay higher rates. This is not the case. In fact, rates for VA Loans could be as low, or lower, than market rates for traditional loans.

If you have any questions about getting a VA Loan is Roseville, contact us today!