Fact vs. Fiction: The Real Truth About VA Loans

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There are a lot of misconceptions about VA loans—that they take a long time to close, that they’re harder to get, and that they’re more of a hassle.

Sadly, these misconceptions often keep hard-working veterans from applying for them—a decision that can cost thousands and thousands of dollars over the life of the loan.

So today, we’re clearing the air. Our veterans earned the right to the affordable, cost-savings opportunities that a VA loan can provide—and it’s our duty to serve them better, just as they served our country.

Myth 1: They take a long time to close.

The process is different for applying for a VA loan versus an FHA or conventional loan, so as long as you choose a lender who is experienced in the VA space, it shouldn’t take them any longer to process your application or for you to close on your home.

Myth 2: They’re hard to get.

VA loan qualification is no more difficult than any other type of mortgage financing; it just comes with a different set of stipulations. You need to have served a certain number of days, depending on when your military service occurred, or you need to be the spouse of a service member or former service member. Debt-to-income ratio requirements actually tend to be lower on VA loans, and you don’t need to come with as big of a down payment—or any at all, in some cases.

Myth 3: They’re more of a hassle.

When applying for a VA loan, your property will have to undergo (and pass) a VA appraisal. This does add an extra step to the closing process, but the benefits far outweigh the cons in the long run. For one, the appraisal ensures you’re getting a quality, pest-free property that’s deserving of your long-term investment. But more than that, you get to enjoy the many, many advantages that come with a VA loan—like fewer closing fees, lower down payments, and better interest rates.

VA loans can offer veterans serious benefits. If you’re interested in qualifying for VA loans, contact Embrace Home Loans today. We’re know the VA loan process, and we can help you get the financing you need for your dream home.

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Aly Yale

Aly J. Yale is a freelance writer focusing on real estate, mortgage, and the housing market. Her work has been featured in Forbes, Bankrate, The Motley Fool, Business Insider, The Balance, and more. Prior to freelancing, she served as an editor and reporter for The Dallas Morning News. She graduated from Texas Christian University's Bob Schieffer College of Communication with a major in radio-TV-film and news-editorial journalism. Connect with her at AlyJYale.com or on Twitter at @AlyJwriter.