One of the unfortunate facts about VA loans is that there are common myths surrounding them that many people believe as fact. While it’s true that the 21st century is the information age, “good” or factual information isn’t always apparent.
With that in mind, a leading home loan lender, HomePromise, busts the myths about the VA loan industry:
Myth: A VA loan will only get approved if applicants have perfect credit scores
Although it helps applicants if they have a good credit score, they don’t need to have a “perfect” one to obtain a home loan. Each lender, such as HomePromise VA Loans and Refinance , also has their own criteria for VA loans. So, while a credit score might seem fairly low to one lender, it could be acceptable to another. In fact, the HomePromise VA loan program will accept lower credit scores than many other lenders and HomePromise regularly approves loans that other lenders turn down.
Myth: VA loans are notoriously difficult to obtain
Actually, it is usually easier to get a VA loan than conventional or FHA home loans. Even if a veteran has had a home foreclosure or bankruptcy in the past, the VA program is typically more forgiving than conventional or FHA programs.
But, even though the VA will be more forgiving to veterans, many VA home loan lenders will ask applicants to wait a long time before giving a veteran a VA loan. Typically three years or more after a foreclosure, short sale or bankruptcy. The HomePromise VA program permits VA loans after waiting just two years after a foreclosure, only 12 months after a short sale and only two years after a bankruptcy.
Myth: All veterans will get a home loan, no questions asked
The sad truth is that a lot of veterans assume that a VA loan is guaranteed with no strings attached. In reality, no-one is ever guaranteed a home loan. The process for qualifying for a VA loan involves reviewing income, debt, assets and credit along with the home appraisal.
With VA loans, the only thing that is guaranteed is that the government will pay the lender around 25% of the loan if the borrower defaults on their payments.
Myth: The process behind VA home appraisals is never an easy one
Some people are under the illusion that the VA home appraisal process is tough, regardless of the condition of the property being appraised. However, that is another industry myth. The idea behind a property appraisal is to determine its value for lending purposes. The VA appraisal process is seldom any different than the process for conventional or FHA home loans.
While it makes sense for a property to be in good, habitable condition, applicants do have options with homes that require some work. For example, they can ask the seller to pay for the repairs, or they can agree to make the repairs themselves. The kinds of required repairs are typically very similar whether the appraisal is for a VA, conventional and FHA home loan.
HomePromise prides itself on servicing veterans. The HomePromise VA loan program staff includes proud former military members and they work hard to give ever eligible veteran access to their VA home loan benefits. Other lenders have created barriers for veterans that HomePromise removes. Each veteran is unique, and should get reviewed by people - not computers. HomePromise offers a 100% free no-risk and no-obligation application service.
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