Here are the fifth and sixth most common myths about VA loans.
Today we’re going to cover myths No. 5 and 6 about VA loans:
5. VA loans have unexpected costs. Yes, VA loans have expected costs, but this is true of all loans. You’ll have to bring earnest money and cover some closing costs. Veterans tend to think that VA loans are free, but that is just not the case. A few years ago sellers would support VA-loan buyers by handling some of the closing costs, but the times have unfortunately changed.
6. VA benefits are very limited. The VA benefits can be used multiple times, you can have two at once, and the lending limits are pretty high right now. As long as you’re within the VA loan parameters, you can use it to purchase a house just like any other loan.
The one caveat is that you can’t buy a manufactured home that doesn’t have a permanent foundation. You may want to speak with your lender about those properties if you’re interested in buying one. Single-wide homes are also sometimes a sticking point.
If you have any questions, feel free to give us a call. We’d love to help.
