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5 Common Misconceptions About The VA Home Loan: Myths BUSTED!

5 Common Misconceptions about the VA Home Loan: Myths BUSTED!

Have you ever wondered if a VA Home Loan is just too good to be true?  Well, you’re not alone!  

Unfortunately, many of our military families think it’s not possible to have such an amazing benefit right at their fingertips!  There are tons of inaccuracies and myths around VA Home Loans, but we’re about to bust those myths so you can take advantage of this misunderstood money saver. 

John McDade, Director of Government Lending with iDirect Home Loans — and a Vietnam Veteran himself — recently shared on MILLIE’s Facebook LIVE Wednesday event, the 5 Common Misconceptions about the VA Home Loan and BUSTED those MYTHS!  Check out the full video here.

Myth Number 1 – A VA Home Loan takes longer and is more difficult than other loans to close.

Not true with a VA Home Loan!

The process typically moves faster because there’s no government involvement.  The fact that sellers won’t accept VA home loan buyers due to additional costs or difficulty is a myth that needs to be busted right now. With a knowledgeable lender, VA loans close just as fast and with as much ease as traditional loans because the lender has complete control over the process.  


Myth Number 2 – A VA Home Loan is only for retired or discharged veterans.

Not true with a VA Home Loan!

For today’s active duty service member, only 90 days of service is required for eligibility. After meeting those requirements, military families can take advantage of the full benefits of VA Loans. Myth, BUSTED!

Myth Number 3 – You have to have nearly perfect credit to qualify.

Not true with a VA Home Loan!

In many ways, VA loans are easier to qualify for than traditional loans.  Many special considerations are given specifically to service members and their families. In addition, on average, lenders will accept a credit score of 620 or above.  Considering that 850 is a perfect credit score, VA Home Loans can help those with less than perfect credit get into their dream home. 


Myth Number 4 – Your income history is too limited to qualify for a VA Loan.

Not true with a VA Home Loan!  

Unlike other loan programs, a VA loan considers current income and the probability that your income will continue, taking into account both your potential income, or your spouse’s potential income. If you’ve recently started a new job or received a raise, you can use your new higher income to qualify for your VA Home Loan. In addition, as long as you meet residual income requirements, your debt ratios aren’t taken into consideration.  Myth, BUSTED!

Myth Number 5 – Military members who are serving away from their home or deployed overseas can’t get a home loan.

Not true with a VA Home Loan!

If your spouse is deployed, don’t worry! You can still buy a home! With a VA Home Loan, all a military spouse needs is proper Power of Attorney to complete the process.  Don’t let a deployment be the reason why you can’t settle down and create lasting memories in your new location.


We understand PCSing can be stressful.  Get the facts and know we’ve got your back.  iDirect Home Loans is proud to partner with Millie on this blog, and to help you find resources you can trust.  

Click here to learn more about VA Home Loans.


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