The VA home loan is a great benefit for veterans like you, but you may be misinformed about its process and how it can better your living situation. It’s because of the many misconceptions about it that are known among former officers and their subordinates. Fortunately, you have a chance to know the truth to ensure you can get the house you and your family want.
4 Myths About VA loans
This article will discuss four debunked myths about VA loans. Take this as an opportunity to ensure you can access the ideal mortgage and inform your veteran pals. This way, you can reap the benefits of your service and enjoy your financial stability as a household.
- Veterans can only use their VA mortgage benefit once and get one loan at a time. Many veterans hesitate to get a VA house loan if they have already used it once. But there are actually no restrictions on the number of times you can acquire a VA mortgage. You just need to meet the eligibility requirements. You can even opt for a second loan, but further advice is needed. Consult with a mortgage professional for further assistance and relevant information.
- VA loans are only ideal for standard homes. You can’t even refinance them! In most cases, you can maximize your VA mortgage for a sizable amount. You can also venture into refinancing for up to the full value of your property. You just have to observe county loan limitations and ensure you can get the best VA mortgage rates in your area. It’s advisable to establish connections with house loan experts to ensure you meet all the requirements.
- You cannot apply for a VA loan if you are serving overseas because you need to return to stay in the property. The truth is your spouse can be the designated occupant of your property in the meantime while you are away. You can also claim a VA house loan if you are returning home within a year. You just need to reassure your loan provider by complying with their requirements and orienting them on your status when you can.
- It’s not worth getting a VA loan because of the costly funding fee. The funding fee is a common stumbling block among VA loan applicants because they believe other programs, like conventional loans and FHA, are less expensive. But if you compute properly, you will see that VA funding is cheaper and more flexible. It’s because it’s only a one-time payment, and you can even finance it into your loan. Additionally, if you meet any of the following criteria, the funding fee can be waived:
- A veteran who is granted VA compensation for a service-connected disability
- A veteran entitled to compensation for a service-connected disability if you didn’t receive retirement or active duty pay
- A spouse of a veteran who passed away during their line of duty or due to a service-connected disability
Alternatively, you can consult with a VA loan expert to see if you are eligible.
Mortgage City: Your VA Loans Expert in Royal Oak
Jared Lincoln, co-founder at Mortgage City offers this, "Applying for VA loans can be a privilege, but you also have to ensure you know the facts to make sure you aren’t taken advantage of and can find the ideal home."
Fortunately, you now have a better understanding of the facts. You just have to find a trustworthy mortgage professional to help you. Remember all the previously mentioned debunked myths and start working on your real estate dreams today!
Are you looking for the best VA Loan in Royal Oak? The experts at Mortgage City can provide you with that. They are your dedicated mortgage originator, granting you access to reasonable mortgage options. Contact them at (248) 744-2512 to find out how you can best meet your housing needs!