Here are two more common misconceptions people have about VA loans.
Today we’ll continue discussing the myths about VA loans.
Myth No. 7: VA loans have higher interest rates.
In most cases, VA loans actually have lower interest rates. They’re similar to FHA loans, so their rates are pretty competitive. As a bonus, you don’t have mortgage insurance. You just pay that upfront funding fee for your VA loan.
Myth No. 8: The VA does an inspection so that the buyer doesn’t have to.
This is false. The VA does an appraisal but not a home inspection. As part of that appraisal, they do look for certain key things, but they’re not going to look at the plumbing, heating, or electrical. They’re not going to test for radon or do a roof inspection. Like most appraisals, they’re looking for handrails, chipped and peeling paint, exposed wiring, and other blatant health and safety issues.
“The buyer has to do their own due diligence and hire professionals.”
If you know a veteran and they’re super frustrated about the process, just let them know that the buyer has to do their own due diligence and hire professionals who know the building codes and inspection requirements. They can provide us with pricing to help you negotiate a better deal.
If you like this content, please subscribe to our YouTube channel for new videos every week. If you have any questions, don’t hesitate to reach out to us. We’d love to hear from you.
