VA Loan Myths vs. Facts

After 20 years in the Army and now helping military and Veteran families buy homes, I’ve heard just about every VA loan myth there is. Unfortunately, some of those misconceptions keep Veterans from using a benefit they earned.

Let’s clear up a few.

MYTH: VA loans require a down payment.
FACT: Eligible borrowers may be able to purchase with zero down when the property and transaction meet VA requirements.

MYTH: VA loans have monthly PMI.
FACT: VA loans do not require monthly private mortgage insurance. A VA funding fee may apply depending on the borrower’s circumstances.

MYTH: You can only use your VA loan once.
FACT: The VA home loan is a lifetime benefit. Depending on your entitlement and circumstances, you may be able to use it multiple times.

MYTH: The VA appraisal is a home inspection.
FACT: They’re different. The appraisal addresses value and VA minimum property requirements. A professional inspection helps you better understand the home’s condition.

MYTH: VA offers aren’t competitive.
FACT: Financing is only one part of an offer. Price, contingencies, closing timeline, earnest money, and how the offer is structured all matter.

Your VA benefit is powerful, but understanding how to use it matters.

Buying around JBLM? Let’s talk Veteran-to-Veteran about your options.

Legacy Homes PNW | Serving Those Who Serve