The VA home loan remains one of the only lending programs on the market that offers a no down payment mortgage.
VA loans take too long to close
This is a common Myth.
Working with an experienced loan officer will allow the same turn time as other loan types, such as conventional or FHA.
No Private Mortgage Insurance (PMI)
VA loans do not require Private Mortgage Insurance (PMI), even when the homebuyer is putting no money down.
You had to serve active duty or deployed.
This is a Myth. You may be eligible for a VA loan by meeting one or more of the following:
You have served 90 consecutive days of active service during wartime – or – you have served 181 days of active service during peacetime – or – you have 6 years of service in the National Guard or Reserves – or – you are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Veterans may use their VA mortgage benefit more than once.