VA loans are a great benefit for military members, veterans, and their families. But with all the talk out there, it’s easy to get confused by rumors or old information. Let’s break down some common myths and clear up the truth—so you can feel more confident when it’s time to buy a home.
Myth #1: You can only use a VA loan once.
Truth: You can use your VA loan benefit more than once!
Many people think VA loans are a “one-time” deal, but that’s not true. As long as you meet the eligibility requirements, you can use your VA loan again—even if you’ve used it before.
Myth #2: VA loans take too long to close.
Truth: VA loans can close just as fast as other loans.
With the right lender and paperwork in place, VA loans often close in about the same amount of time as a regular loan. Sometimes even faster.
Myth #3: You need perfect credit to qualify.
Truth: You don’t need perfect credit to get a VA loan.
While it’s helpful to have good credit, to get a lower interest rate, there are NO minimum credit scores from the VA itself. Those are overlays from the lender and many lenders are flexible with credir score requirements for their VA loans. If you’ve had some bumps in your credit history, you may still qualify.
Myth #4: VA loans are only for combat veterans.
Truth: You don’t have to serve in combat to qualify.
VA loans are available to many types of service members—including National Guard, Reserves, and surviving spouses—depending on how long and when they served.
Myth #5: VA loans always have high fees.
Truth: VA loans often cost less in the long run.
There is a funding fee (which can be rolled into the loan), but there’s no down payment required, and no private mortgage insurance (PMI)—which saves money every month.
Myth #6: It’s hard to find sellers who accept VA offers.
Truth: A strong VA loan offer is just as competitive as any other.
With a good agent and a solid offer, VA buyers can compete in today’s market. VA loans show that the buyer is serious and qualified.
Myth #7: VA loans are only for buying homes.
Truth: VA loans can be used to refinance too.
If you already have a VA loan, you may qualify for a VA streamline refinance (also known as an IRRRL). This could help lower your interest rate or monthly payment.
VA loans are a powerful tool, but myths and confusion can hold people back. If you’re eligible for a VA loan, take the time to learn the real facts. Talk to a lender who understands VA loans—and work with a real estate agent who knows how to guide you through the process.
Have more questions about VA loans in El Paso? I’d love to help. Let’s make sure you have all the facts before making one of the biggest decisions of your life.
