Here are the real truths behind a few more common VA loan myths.
Today we’re continuing our series on the myths around VA loans with the third and fourth commonly believed myths that everyone should know the truth behind.
Myth No. 3 is that you can only use your VA loan once. As a veteran myself, I thought this was the case at first. It turns out that it’s not true. You can actually have more than one VA loan at a time based on your situation. You can have one on a home here and one in the next place that you PCS to. If you have renters in a property and need another VA loan to buy a new home, you can still get one.
“Whatever your credit allows, you can purchase a home with your VA and no loan limits.”
The only restriction is the loan limit. The second VA loan has a little bit higher origination or funding fee. Outside of that, if you don’t have multiple VA loans, there is no limit on these loans right now. Whatever your credit allows, you can purchase a home with your VA and no loan limits. That’s pretty awesome.
Myth No. 4 is that the VA appraisal takes too long. It actually doesn’t take any longer than any other appraisal. As a matter of fact, there are probably more VA appraisers in certain areas than others, so they might just get done quicker. From a timing perspective, there is no delay when using a VA loan.
If you have any questions for me about either of these myths or anything related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
