MYTH: VA loans are risky because they do not require a down payment. Truth: VA loans have the lowest default rate on the market. Because the VA uses a different approach to qualifying borrowers for a loan, they are able to determine who would and who would not make a good candidate for a home loan.
To that end, let’s take a look at four pervasive VA loan myths that can keep veterans from exploring their hard-earned home loan benefits. Advertisement.
The VA home loan benefit is hard-earned through service and sacrifice. However, myths and misconceptions about the program all too often have discouraged agents and their buyers from taking advantage.
From here, the veteran can use a VA Loan to purchase a new home. Mortgage Insurance and Funding Fees. VA loans do not require monthly mortgage insurance premiums, regardless of the down payment. This is a common myth that comes from traditional loans, where this will often be different.
Learn the truth behind some of the myths surrounding home loans back by the veterans affairs department that are scaring home sellers unnecessarily. 4 VA home loan myths debunked | ksdk.com LIVE
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Myth #3: You must have a perfect credit score to get a VA loan. Fact: VA loans have relatively easy credit requirements. In many cases, you can get a VA home loan if you have an average or low credit score, and in fact, you can even get a VA home loan if you have experienced foreclosure or bankruptcy before! Lenders of VA home loans are very.
VA home loans are among the strongest benefits. having accurate information about the VA loan is crucial. Fortunately, Inman Select has collected four common VA loan myths and dispelled them. The.
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From inaccuracies posted on message boards to bad blogs, there is an abundance of VA loan myths out there. Let’s tackle the five most common VA home loan myths and reaffirm the strength and flexibility of this unique financing tool. It only takes minutes to fill out our VA home loan application, so start today.
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