Here’s the first episode in my series on common VA loan myths.

A lot of people have come to me with questions about VA loans, and it seems like there are a lot of misconceptions going around. Over the next couple of weeks, I’ll debunk 10 VA loan myths, starting with myths one and two today. 

1. You need a perfect credit score. You absolutely do not need a perfect credit score for a VA loan. What you do need, however, is the lender’s minimum credit score. This number varies for every lender, so you want to make sure you find a good institution. Also, just because they have VA in their name does not mean those are the only institutions that do VA loans. Pretty much every bank does VA loans, so don’t pigeonhole yourself and find a great lender. 

“You absolutely do not need a perfect credit score for a VA loan.”

2. Only combat veterans are eligible. As a combat veteran with a VA loan, I hear this one a lot. However, VA eligibility comes from time served in the military alone. Right now, you need three years of active duty or six years in the guard or reserves to qualify. Also, there is no VA-approved certificate you receive in the mail. You go through a process to qualify, then the bank will check to see if you do. 

Hopefully I’ve cleared up some confusion for you today. If you have any questions about this topic, or if you have other real estate questions, do not hesitate to reach out to me. I am always willing to help.