Since the GI Bill was signed into law in 1944, millions of veterans, including those in Melbourne and Brevard County, have taken advantage of VA loans for their homes. However, many veterans and military families are held back by longstanding myths and untruths that surround VA loans.

We are going to look at six of the most common myths that cause veterans to miss out on the home loan benefits they have undoubtedly earned with their service.

Myth #1: “It’s difficult to qualify for a VA loan.”

This is simply not true. In fact, veterans often find that VA loans are far easier to qualify for than some loan programs. The VA’s requirements are written to assist veterans with certain factors like credit score and debt-to-income ratio.

Myth #2: “VA appraisals are impossible to deal with.”

This is only true if the property being purchased is in absolutely horrible condition.

When qualifying for a VA loan, the property must meet certain guidelines known as VA Minimum Property Requirements. These are used to ensure that the property is clean, safe, and adequate for the veteran.

Some of the guidelines appraisers check include:

  • Safe plumbing and electrical systems
  • Adequate heating and roofing
  • No defective construction or decay

Myth #3: “VA loans can only be used once.”

Actually, those who qualify for VA loans can take advantage of this benefit multiple times in their life.

RELATED: VA Bonus Entitlement: What You Need to Know!

Myth #4: “You need to occupy the property immediately to qualify.”
Luckily for those on active duty or serving overseas, military members can qualify for a VA loan if they have intentions to return home within one year. Spouses can also occupy the property in the meantime.

Myth #5: “VA loans take much longer to process and close.”

With the right lender, a VA loan shouldn’t take much longer than any other loan. In fact, Morgan Financial is averaging just 9 days from application to clear-to-close on all loans, including VA loans.

The key is choosing a lender that knows the process and the military. A local and veteran-owned lender like Morgan Financial is your first step to securing the right VA loan with great rates and great terms.

To learn more about VA Hybrid Loans, VA Loan Rates and VA Home Loan Eligibility amounts, click here.