Common Myt hs About VA Loans
Get t i ng your home mor t gage t hr ough t he VA guar ant eed home l oans f or vet er ans pr ogr am i s good way t o acqui r e f i nanci ng f or your
The pr ogr am has al l owed mi l l i ons of vet er ans and act i ve dut y ser vi ce member s t o pur chase a home of t en wi t hout a down payment and at
Di spel l i ng some of t he myt hs about t he VA home l oans wi l l hel p homebuyer s under st and t he r equi r ement s of t he
Myt h 1
The Appl i cat i on Pr ocess I s Compl i cat ed
Myt hs about t t he VA home l pr ocess have peopl e f r om t
he compl exi t oan appl i cat di scour aged aki ng advant
y of i on many age
I t i s t r ue t hat you wi l l have t o pr ovi de pr oof of your ser vi ce r ecor d.
Thi s pr oof i s accompl i shed by a number of speci f i c f or ms, dependi ng on your st at us.
However , many l ender s have speci al l y t r ai ned l oan per sonnel t o hel p you f i nd t he cor r ect document s f or
Myt h 2
You Must Have Per f ect Cr edi t
Even i f per f ect may be under t
you don’ t have a cr edi t r ecor d, you appr oved f or a l oan he VA guar ant eed home
However , your cr edi t scor e may af f ect t he i nt er est r at e of t he l oan.
Most r equi 620. si gni
VA l oan pr ovi der s r e a cr edi t scor e of Thi s number i s f i cant l y bel ow t he scor e
A per f ect cr edi t scor e i s 850, and an aver age scor e i s ar ound 763. So t he VA home l oan pr ogr am i s qui t e l eni ent
Myt h 3
You Can Use A VA Loan To Pur chase I nvest ment Pr oper t y
The VA guar ant eed home l oan pr ogr am r equi r es t hat you use t he pr oper t y as a pr i mar y r esi dence.
These l oans wer e desi gned pr ovi de guar ant eed l oans t make i t easi er f or f i r st t buyer s t o pur chase a home
to o i me f or
Homeowner s who r ef i nance t hr ough t he VA st r eaml i ned r ef i nance pr ogr am do not have t hi s r equi r ement .
Myt h 4
Loan Fees For VA Loans Ar e Expensi ve
Whi l e i t ’ s t r ue, acqui r i ng a VA guar ant eed home l oan i nvol ves payi ng a f ee f or t he pr ogr am, t hi s amount i s not pr ohi bi t i vel y expensi ve, and
Thi s f ee hel ps t o f und t he VA l oan pr ogr am so t hat ot her s can al so benef i t . Cur r ent l y t he f undi ng f ee i s 2. 15 per cent f or a no down payment
Myt h 5
Home Appr ai sal s For t he VA Pr ogr am Can Be A Pr obl em
Thi s myt h has ci r cul at ed because t he VA home l oan pr ogr am does r equi r e t hat t he pr oper t y conf or m t o mi ni mum st andar ds i n r egar d t o
I f t hese syst ems ar e i n good condi t i on, t he VA and t he l ender ar e assur ed t hat t he home i s wor t h t he l oan
Myt h 6
Appr oval For A Loan I s “Guar ant eed” For t he Mi l i t ar y
No one i s “ guar ant eed� t o get a home l oan. Appl i cant s must f ul f i l l basi c l oan r equi r ement s.
The “ guar ant ee� par t home l oan pr ogr am onl guar ant ees t hat t he l wi l l get t hei r money t he homeowner s cannot
of t he VA y ender back i f pay t he
However , a l ender who i s guar ant eed t o get t hei r money i s mor e l i kel y t o pr ovi de a l oan t o an appl i cant .
A VA l oan speci al i st can answer quest i ons about t he pr ogr am and can hel p you t o acqui r e your home f i nanci ng f ast er and mor e easi l y.
Cont act your l ocal VA l oan speci al i st t oday t o st ar t t he pr ocess t owar d owni ng your own home.
Our VA Loan Speci al i st hel ps vet er ans obt ai n t he l oans t hey ar e ent i t l ed t o.
He ser ved i n t he Uni t ed St at es Mar i ne Cor ps, and now devot es hi msel f t o t he Vet er an home buyer i n t he Phoeni x ar ea, f ul f i l l i ng a passi on of hi s whi l e at t he same t i me hel pi ng ot her s achi eve home owner shi p.
Be a pr oud homeowner t oday.
For mor e det ai l s cal l 480351- 5904 or vi si t t he si t e @
www. val oansf or vet s. com
VA Loans f or Vet s
7702 E. Doubl et r ee Ranch Road, Sui t e 220 Scot t sdal e, AZ 85258 Phone: ( 480) 351- 5904 Emai l : j i mmyv@f cbmt g. com