VA loans are an amazing resource for those who qualify, but how much do you really know about them? In this week’s video, Amerifund CEO Brad Rice debunks 4 common myths about VA Loans.
Here are 4 common MYTHS about VA loans.
1. You need amazing credit to be approved
The VA doesn’t have a minimum credit score requirement. Some lenders have their own requirements, but if you’re running into this issue, talk to other lenders and you may be pleasantly surprised.
2. Appraisals take forever
VA loan appraisals shouldn’t take any more time than conventional loans do. Because the VA requires a specialized appraiser that they approve of, your lender must order the appraisal right away. Make sure you ask them to.
3. VA Loans have higher interest rates
You may think this because they don’t require a down payment, but in reality, VA rates are often lower than conventional loans.
4. You can only use your VA loan benefit once
This is a common misconception, but you can reuse your eligibility many times for both purchase and refi.
VA loans can be a great choice for those who qualify. Follow us to learn more!