Common VA Loan Myths
VA Appraisals take over a month.
Directors Mortgage just got a VA appraisal back in 6 days!
Note: each county/city has different VA appraisal turn times, however, a significant increase has been seen in most areas.
I only have one chance to use my VA loan.
Veterans can use their benefit multiple times throughout their life. Actually, there’s no limit!
I can only have one VA loan at time.
Veterans who currently have a VA loan may still have "remaining entitlement" to use for another VA loan. The VA does allow veterans to have two VA Loans at the same time, as long as the max entitlement is not exceeded.
VA loan benefits expire if they are not used.
No. Your VA entitlement doesn't expire and you can use as many times as you want. Your entitlement never expires. However, your Certificate of Eligibility may need to be renewed. We can help you obtain your current Certificate of Eligibility.
I’m only eligible for a VA loan if I have perfect credit.
VA Loans are more lenient than conventional loans when it comes to your credit history. Generally you’ll need a minimum 620 FICO score.
VA loan appraisals are a nightmare.
The VA appraisal isn’t terribly different from the average conventional appraisal and can go very smoothly, especially if you are pursuing a home in good condition. Each city/county has a different VA appraisal turn time, however we noticed a significant increase in most areas.
I can only use my VA loan to purchase a home.
VA loans can be used to refinance too and up to 100% of the home’s value in some cases!
Using a VA loan is a lengthier process.
There’s a lingering misperception that VA buyers are weighed down by bureaucracy and paperwork. The reality is greater automation and efficiency, and other improvements in recent years have helped the VA Loan Guaranty Program more than keep pace.
All Veterans are guaranteed a VA loan.
In order to qualify for a VA Loan there are specific service conditions each borrower must meet. To see if you meet these minimum requirements contact us for assistance in ordering your Certificate of Eligibility.
Surviving spouses aren’t eligible for the VA loan.
Qualified surviving spouses may be eligible for a VA loan and may be exempt from paying the VA funding fee.
You have to have a down payment to use a VA loan.
The VA loan is one of the few mortgages available that allows for a 0 down payment. Most qualifying service members who purchase within VA loan limits don’t make a down payment.
I can’t get a VA loan if I’ve had a bankruptcy or foreclosure in the past.
You may be eligible for a VA Loan two years after a Chapter 7 bankruptcy discharge; one year after filing a Chapter 13 bankruptcy; and two years following a foreclosure.
Join Directors Mortgage in honoring out Veterans who we waive our $895 underwriting fee for. We would love to serve your next VA buyer!