The Top 5 Benefits & Myths of VA Loans

There's no better way to thank our veterans than with a VA home loan. With this opportunity, you can serve those brave people who have put their lives on the line for America by providing them access and helping them along the path to homeownership. 

Many veterans find the VA home loan to be the perfect solution for them when they're ready to buy a house. However, I have noticed that some veterans face discrimination when trying to take advantage of this benefit.

Get the facts about and learn the benefits (and myths) of VA loans, how they can help our beloved military community and how you can serve those who have sacrificed everything for your freedom.

Discrimination and Misconceptions about the VA Loan

The most common reason for this discrimination is a lack of knowledge or ignorance about the VA loan itself.

Many veterans are not given the opportunity to become homeowners because many sellers believe they cannot afford the home. Some of the most common myths about VA loans are:

  • VA Loans are less likely to close than other types of mortgages - FALSE
  • They take ages to reach closing - FALSE
  • VA Loans have appraisers who are slow and routinely undervalue homes - FALSE
  • They require sellers to cover all the buyer's closing costs - FALSE

Take a deep, relaxing, yoga breath; nothing could be further from the truth with these misconceptions.

In fact, did you know that VA borrowers are some of the best-qualified buyers on the market?

Because there’s no down payment requirement, veteran buyers may have more cash available to make a higher offer. 

The Top 5 Benefits of VA Loans

Recently, The United States Department of Veterans Affairs (VA) met with the National Association of Realtors® (NAR) to discuss how to fix the problem of veterans not being able to buy homes. As a result, VA and NAR collaborated in giving information that will help realtors learn about the benefits of the VA Home Loan program:

1. 100% Financing; No Down Payment

By far, the strongest benefit of the VA loan is that you can purchase the home without a down payment. This advantage allows Veterans and service members to buy homes without having to spend years saving for that lump-sum payment.

2. No Pmi (Private Mortgage Insurance)

There is no mortgage insurance with VA loans, allowing you to stretch your buying power and save money.

3. Va Appraisals Are Safe, Sound, And Sanitary.

The VA appraisal is a necessary step of the home buying process to review the home's value and condition. The appraisal serves two purposes: establish an appraised value for the home and ensure the home meets its minimum property requirements.

4. Home Retention Help

VA loans are one of the safest loans on the market and have been for a long time. The VA has also done a tremendous job advocating for Veterans in jeopardy of losing their homes and ensuring that they stay in their homes.

5. State And Local Benefits

The VA home loan is one of the state and local benefits that provide tax relief for Veterans, particularly Veterans who have suffered disabilities and need service-connected disability income. 

Ultimately, the VA loan works to protect our veterans, active service members, and their families.

Achieve Homeownership with VA Loans

VA-guaranteed loans offer many advantages for Veterans, lenders, and real estate professionals. With the help of someone who understands VA loans, you can learn about these benefits and get your offer accepted. 

If you have any questions about the VA loan process or want to work with someone who specializes in this type of financing, please don't hesitate to give me a call or send me an email at!

* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.