The VA home loan is one of the most valuable benefits you earned through your service. Yet many veterans and service members never use it, or use it once and assume it’s gone, because of a few stubborn myths. As a U.S. Coast Guard veteran, here’s what I want every veteran to know.
Myth 1: “You can only use it once.”
Not true. VA loan entitlement can often be used more than once. If you sell a home and pay off the VA loan, your entitlement is typically restored, and in some cases you may have enough remaining entitlement to buy again while keeping your current home.
Myth 2: “Sellers won’t accept VA offers.”
A well-prepared VA offer competes just fine. A strong pre-approval, a realistic price, and an agent who knows how to present a VA offer go a long way. Part of my job is making sure listing agents understand your offer is solid.
Myth 3: “The VA appraisal will kill the deal.”
VA appraisals include minimum property requirements meant to make sure the home is safe and livable. That protects you. Most homes in good condition meet them, and when small issues come up, they can often be addressed before closing.
Myth 4: “Every veteran pays the funding fee.”
Most VA loans include a funding fee, but veterans who receive VA compensation for a service-connected disability are generally exempt, along with some others. Check your eligibility before assuming you’ll pay it.
Myth 5: “VA loans are only for first-time buyers.”
There’s no first-time buyer requirement. VA loans can be used to buy, and some VA programs can be used to refinance, as long as you meet eligibility and the home will be your primary residence.
Other VA advantages worth knowing
- No private mortgage insurance (PMI) on VA loans
- Flexible qualifying guidelines
- Limits on certain closing costs veterans can be charged
Use the benefit you earned
If you’re not sure where you stand, the first step is your Certificate of Eligibility, and I can help you get it. From one veteran to another, let’s talk it through. See how I help veterans or call 253-247-2245.
Murtin Mortgage Solutions · James Nelson, Mortgage Loan Officer, NMLS #295279 · nmlsconsumeraccess.org · Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, VA eligibility, and underwriting guidelines. Murtin Mortgage Solutions is not affiliated with or endorsed by the Department of Veterans Affairs.