For many years, Veterans Affairs (VA) loans have become the talk of the town among most American home buyers and for all the right reasons. Mostly known for their zero down payment offers and agreeable interest rates, VA loans have established themselves as valuable financing options for every individual in service. In recent years, this financial solution’s scope has become more widespread, thanks to the various legislation enacted!
Although the VA loan is highly sought after and beneficial for anyone looking to purchase a home, it’s worth noting that it’s also no stranger to having a fair share of myths surrounding it. Unfortunately, the same misconceptions have thwarted the attempts of many to own a home without much difficulty because of the rumors about these loans that have spread among military circles.
What Are VA loans?
Offered by lenders - such as Desert Springs Mortgage - to veterans, reservists, active-duty personnel, and surviving spouses of veterans, VA home loans are forms of financial assistance built on military entitlement. As a beneficial alternative to the traditional home loan, anyone who is actively serving or was in service can experience an easier process with lower interest rates.
Debunking Common VA Loan Myths
At this point, it’s worth acknowledging the fact that there are many misconceptions surrounding VA loans that can pose a minor inconvenience or significantly affect one’s application process. However, you won’t have to be another victim of pure speculation because we will debunk three common misconceptions for you:
- Only those who have engaged in combat are eligible to apply. Often, many service members have put off the idea of getting a VA loan because they believe that only combat veterans are eligible for enjoying its benefits, but this is actually the opposite. When it comes to eligibility, veterans, active-duty service members, National Guard members, surviving spouses, and other individuals are eligible to apply for the form of financial assistance in question. To further solidify the fact that you don’t need to have been involved in the frontlines to be eligible for this type of loan, here’s a complete list of eligible applicants:
- Military veteran
- Active-duty service members
- Reservist or National Guard member
- Surviving spouse who did not remarry
- Academy cadet or midshipman
- National Oceanic and Atmospheric Administration (NOAA) officer
- Public Health Service (PHS) Officer
- You need a picture-perfect credit score to apply. While each lender has a different stand on what score constitutes eligibility for a VA loan, the general consensus is that a minimal 620 score is enough to qualify. Considering that the average score (which is essentially achieved without the need for much maintenance or cutthroat saving) is 737, the minimum desired score isn’t too hard to achieve!
- You can only get it once. The one special aspect about VA loans is that being eligible means that you can apply for them and use them to finance your home for life. Whether you’re moving up or sizing down, having a no-frills experience with the financial tool in question is something that you can enjoy over and over again. In fact, some wise borrowers have used it multiple times once, while others refinanced their mortgages or cashed out with their home’s equity through the use of this loan!
VA Loans Expert in Phoenix: Desert Springs Mortgage
Among the different things that you need to know about getting a Veterans Affairs loan, one of the more pertinent causes for concern to watch out for is the various myths surrounding them. Thankfully, keeping this guide in mind will allow you to remain clear-headed so that you can maximize the opportunities at hand without any worries in the way!
They are a mortgage company in Phoenix that offers the best mortgage options. If you are looking for reliable refinancing solutions, we’ve also got you covered with the best options available. Give them a call at (623) 432-1309 for a free home refinance analysis!