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Myth: Only Veterans and active duty service members are eligible for VA Financing
Fact: Widows of service members can also be eligible, along with Guard & Reservist members who meet the minimum elegibility requirements for time served.
Myth: WWII, Korea, & Vietnam Vet’s benefits have expired.
Fact: Though they did expire at one time. The VA has updated its programs and they now have 100% eligibility for benefits as long as they qualify.
Myth: Tex Vet program can only be used with a VA Loan
Fact: Tex Vet can be used in conjunction with conventional or FHA financing. Not just VA loans.
Myth: VA loans guarantee financing even with bad credit
FACT: Borrower must have at least a 620 credit score
Myth: VA loans with less than 20% down require mortgage insurance.
FACT: False. VA Loans do not carry mortgage insurance.
Myth: VA loans cannot be used to refinance current properties to reduce interest rates.
Fact: VA loans can be used to reduce the interest rates of currently owned properties.
Myth: VA loan is not assumable by other borrowers
Fact: VA loans can be assumed by other borrowers whether or not they are vets themselves. The Veteran will only regain his entitlement back if the loan is assumed by another VA borrower.
Myth: VA entitlement guarantees 100% of an eligible borrower’s mortgage.
Fact: False, Guarantees a portion
Myth: VA loans cannot be used on investment properties
Fact: VA loans can be used on duplex triplexes and 1-4 family homes as long as one unit is the primary residence of the vet.
Myth: You must be 100% disabled through service connected disabilities to receive property tax exemptions
Fact: Whether you are 10% or 100% disabled you can receive property tax benefits. In some cases there are other benefits such as electricity discounts as well.
Myth: You cannot obtain a mortgage to purchase a new home for at least 7 years after a foreclosure
Fact: VA loans only require a 2 years to purchase a home after a derogatory event such as Bankruptcy, Foreclosure, or Short Sale
Myth: VA Loans cost the seller more
Fact: Not if you use seller contributions
Myth: VA Loans take longer to close
Fact: Not if you use a VA specialist
Myth: VA funding fees cost 3.3%
Fact: VA funding fees can cost up, and not higher, than 3.3%. First time use 0% down is 2.15% and Disabled vets have 0.00% funding fee.
Reminder, Majority of vets do not pay the funding fee. It is rolled into the loan and not part of the sales contract.
Myth: Texas Vet will cost the Veteran more money to use if he is not currently receiving 30% or more from service connected disabilities
Fact: False, Many loan officers and mortgage companies waive the 1% participation fee allowing the VET to receive a much lower rate than conventional or FHA programs. You just need to know who to call
Myth: VA Loans can only be used once
Fact: VA Loans can be used multiple times