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Published by: R. Smetak | 10/19/2021

Top 5 VA Entitlement Loan Myths

A VA loan is an option for any eligible veteran that essentially is an amount of money the Department of Veterans Affairs promises to later repay to a lender if the borrower defaults on a mortgage.

A VA loan is an option for any eligible veteran that essentially is an amount of money the Department of Veterans Affairs promises to later repay to a lender if the borrower defaults on a mortgage.  

  1. MYTH: You have to have served active duty to be eligible for a loan: You can have served 90 days in active duty during wartime OR 181 days of active duty during peacetime OR have served 6 years in the National Guard or Reserves OR be the spouse of a service member who has died in the line of duty.  
  2. MYTH: You need great credit to be approved: There is no minimum credit score to qualify because each lender has their own requirements. A good rule of thumb is that a score of 620 is more than good enough to get a VA loan.  
  3. MYTH: There are hidden costs: VA loans are historically straightforward and have multiple benefits. No or low down payments and no private mortgage insurance are some examples of those benefits. 
  4. MYTH: You have to purchase a single-family home: Not only can you purchase a single-family home, but you can also use your VA loan and choose to: 
    • Build a home
    • Buy and Improve a property
    • Purchase a condominium (with VA approval)
    • And many more options 
  5. MYTH: VA loans are unpopular: Not only are VA loans quite common, but they also have backed 20 million loans and those numbers continue to climb.  
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NMLS #2229, NMLS Consumer Access website: www.nmlsconsumeraccess.org. Union Home Mortgage Corp. is an Equal Housing Lender. Loans are available on a fair and equal basis regardless of race, color, national origin, religion, sex, handicap, marital status, sexual orientation, gender identity, familial status (having children under the age of 18), age (if old enough to enter a contract), because income is from public assistance, or because a right was exercised under the Consumer Credit Protection Act.

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