Nonsense About VA Loans
We hear a lot about Veterans Affairs (VA) Loans that just isn’t true — some of it from professionals — so we thought we’d dispel the top 5 MYTHS about VA financing …
- MYTH: VA loans take a long time.
TRUTH: VA loans do not take any longer to close than any other type of financing. In fact, we often close VA loans in less than 30 days.
- MYTH: The seller has to pay all the closing costs in a purchase.
TRUTH: There are some closing costs the veteran cannot pay, however these costs can be paid through a credit from the lender. This allows a Veteran to present a competitive purchase offer.
- MYTH: VA property appraisals take a long, long time.
TRUTH: A VA appraiser is required to have the completed appraisal to a lender in just 10 days.
- MYTH: A property has to be perfect.
TRUTH: A property must comply with minimum standards to qualify for VA financing. Most issues can be addressed with the pest clearance (required) and a septic clearance (if applicable).
- MYTH: You have to be a Veteran.
TRUTH: Surviving spouses of deceased vets who have not remarried can use a VA loan for purchase or refinance. It’s also helpful to know Veterans on active duty also qualify.
We are here to answer specific questions about VA financing and work with you on your scenarios. Give us a call today at 530-899-1870, or contact us by email.