5 misconceptions about VA Loans
VA Loans are a great way for Veterans in the Seattle region to purchase a home.
These loans are backed by the U.S. Department of Veterans Affairs and offer no money down financing on purchase or refinance loans to active duty military members and military veterans.
Unfortunately, many Veterans aren’t aware of this benefit or don’t believe they will qualify. That is why we wanted to take a few minutes to share some of the most common misconceptions about VA Loans.
Misconception 1 – They require a large down payment.
As mentioned above, Veterans can obtain a VA Loan with not only no down payment*, but also no mortgage insurance.
Misconception 2 – You can only use it once.
Even if you have used the VA Loan benefit once to purchase real estate, it can be utilized again if the first loan has been paid off.
Misconception 3 – You can only use it to purchase.
This is not true. A Veteran can use their benefit to also buy property alone or improve a home.
Misconception 4 – It is a complicated process to qualify.
This is false. VA Loans include an approval process that isn’t as strict when compared to other loan programs.
Misconception 5 – If you have gone through a bankruptcy or foreclosure, you do not qualify.
This isn’t always true. There are options if you have had to go through one of these unfortunate experiences.
Speak with a TILA Mortgage professional who can explain your options – it can happen!
At TILA Mortgage, we believe Military members deserve great service. We are committed to helping you take maximum advantage of your eligibility for a VA Loan. Contact us today to see how we can help – and let us thank you personally for your service!**
*Example VA Loan: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%
**The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of Hometown Lenders, LLC.