Common Myths About VA Loans

Getting your home mortgage

through the VA guaranteed

home loans for veterans

program is good way to

acquire financing for your

purchase at a favorable

interest rate.

The program has allowed

millions of veterans and

active duty service members

to purchase a home often

without a down payment and at

a better interest rate than

with conventional loans.

Dispelling some of the myths

about the VA home loans will

help homebuyers understand

the requirements of the

program..

Myth 1 The Application Process Is Complicated

Myths about the complexity of

the VA home loan application

process have discouraged many

people from taking advantage

of this helpful program.

It is true that you will have

to provide proof of your

service record.

This proof is accomplished by

a number of specific forms,

depending on your status.

However, many lenders have

specially trained loan

personnel to help you find

the correct documents for

your application.

Myth 2 You Must Have Perfect Credit

Even if you don’t have a

perfect credit record, you

may be approved for a loan

under the VA guaranteed home

loan program.

However, your credit score

may affect the interest rate

of the loan.

Most VA loan providers

require a credit score of

620. This number is

significantly below the score

required for most

conventional loans.

A perfect credit score is

850, and an average score is

around 763. So the VA home

loan program is quite lenient

regarding credit scores.

Myth 3 You Can Use A VA Loan To Purchase

Investment Property

The VA guaranteed home loan

program requires that you use

the property as a primary

residence.

These loans were designed to

provide guaranteed loans to

make it easier for first time

buyers to purchase a home for

themselves and their

families.

Homeowners who refinance

through the VA streamlined

refinance program do not have

this requirement.

Myth 4 Loan Fees For VA Loans Are Expensive

While it’s true, acquiring a

VA guaranteed home loan

involves paying a fee for the

program, this amount is not

prohibitively expensive, and

it can be rolled into the

loan amount.

This fee helps to fund the VA

loan program so that others

can also benefit. Currently

the funding fee is 2.15

percent for a no down payment

loan.

Myth 5 Home Appraisals For the VA Program

Can Be A Problem

This myth has circulated

because the VA home loan

program does require that the

property conform to minimum

standards in regard to

plumbing, electricity,

roofing and termite

infestation.

If these systems are in good

condition, the VA and the

lender are assured that the

home is worth the loan

amount.

Myth 6 Approval For A Loan Is “Guaranteed”

For the Military

No one is “guaranteed” to get

a home loan. Applicants must

fulfill basic loan

requirements.

The “guarantee” part of the VA

home loan program only

guarantees that the lender

will get their money back if

the homeowners cannot pay the

mortgage.

However, a lender who is

guaranteed to get their money

is more likely to provide a

loan to an applicant.

A VA loan specialist can answer

questions about the program and

can help you to acquire your home

financing faster and more easily.

Contact your local VA loan

specialist today to start the

process toward owning your own

home.

Our VA Loan Specialist

helps veterans obtain the

loans they are entitled

to.

He served in the United

States Marine Corps, and

now devotes himself to

the Veteran home buyer in

the Phoenix area,

fulfilling a passion of

his while at the same

time helping others

achieve home ownership.

Be a proud

homeowner today.

For more details call 480-

351-5904

or visit the site @

www.valoansforve

ts.com

VA Loans for Vets 7702 E. Doubletree Ranch

Road, Suite 220

Scottsdale, AZ 85258

Phone: (480) 351-5904

Email: jimmyv@fcbmtg.com