If you’re unsure whether or not a VA loan is for you, or you don’t think you’d qualify for one, take a look at these common myths about VA loans.
1. VA loans require a down payment.
No-money down loans used to be fairly common. Today, however, VA loans are one of the few loans that do not require any type of down payment. Even better, VA loans are not subject to the PMI (private mortgage insurance) required of other loans with less than 20 percent down.
2. You can only purchase a single-family home with a VA loan.
There is a great deal of flexibility with the type of home you can buy with a VA loan. In addition to single-family homes, townhomes, condos, foreclosures, short sales, and modular homes are all eligible for VA loans.
3. Spouses of military members are not eligible.
Spouses of Veterans and servicemen and women are eligible for VA loans as well, providing certain conditions are met. If your spouse died in the line of duty or from a service-related disability and have not remarried (unless you are over 57 years old), you are also eligible.
4. National Guard members don’t qualify for VA loans.
Members of the National Guard or Reserves are eligible for VA loans after they have served for six years.
5. All lenders provide VA loans.
Not all lenders offer VA financing, so it’s important to choose a lender who is knowledgeable about the VA loan process and requirements, such as VA loan lender.
With the number of benefits they provide, VA loans are hard to beat. For more information about VA loans and VA loan eligibility, contact one of NLC Loans’ personal mortgage advisors toll-free today at 1-877-480-8050. They have extensive experience with VA loans and can help you fund the home of your dreams.