VA Home Loans: Separating Fact From Fiction

It isn't easy to be in the army, and it isn't easy that the pay isn't so great. But there are some benefits that veterans have that can help them save money, VA loans being one of them. If you or a loved one are veterans, hopefully this post from a reader can help you save money.

Buying a home is always an incredibly stressful process and worrying about having enough money to keep you and your family afloat while you complete the purchase is one of those things that can keep you up at night. However, there are support options out there. VA home loans can make all the difference for our military veterans, but it’s important to separate the facts from the fiction. Here is what you need to know.

Find A Lender With Experience In This Area

Look for a loan provider who has worked with vets before and who knows what they’re doing. One of the biggest myths out there when it comes to VA loans, and VA home loans in particular, is that it takes forever to get them sorted. The truth is that it’s just like getting any other loan, in that someone who knows what they are doing should be able to get it all done quickly.

Apply For A VA Home Loan Even If You Have Had One Before

Don’t worry if you have already taken out a VA home loan before, you can apply for another one. There is a myth out there that VA home loans are a one-and-done deal, but this is not the case if you have already paid back the previous VA home loan or if you still have some entitlement left. So, if you’re looking to refinance your new home and you’re worrying about not being eligible, just make the enquiry.

Don’t Worry About The Size Of The Home You Need A Loan For

A lot of people seem to think that there is some kind of size limit when it comes to the homes for which they can apply for a VA home loan, but this is not the case. Back in January 2020, the cap on no-down-payment loans for veterans was eliminated, so it is up to the lender to decide how large a loan they will agree to. You can learn more VA loan facts about size of loans and more at Hero Loan, a lender that specializes in helping veterans.

Apply For A VA Home Loan For Your Primary Residence

If you are looking to buy a vacation home somewhere sunny or thinking about investing in some property to rent or sell on, you should look at other loan options. While there is no limit to the size of the home you can apply for a VA home loan for, it is true that a VA home loan is only available for your primary residence. You also cannot apply for a VA home loan to buy property that is not in the US.

Don’t Assume That You Are Not Eligible

Remember that if you are still on active duty and meet the criteria, loans are available for spouses or dependents. This is one of the most frustrating “fact from fiction” areas, where misinformation can lead to people not getting the help that they need and are entitled to. While there are criteria that need to be met, you do not need to have retired from service, for example. The pandemic chaos has not left the veterans records untouched but don’t give up: be persistent.