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Don't Fall for These VA Home Loan Myths!

Are you a veteran or current service member looking for a new home? If so, you may be eligible for a VA (Veterans Affairs) loan to help you finance your home purchase!

What are VA Home Loans?

VA home loans are mortgage options offered by private lenders that are partially guaranteed by the government. These loans are designed to make homeownership more attainable for eligible military borrowers as a thank you for their service and dedication to our country.

VA home loans come with many unique advantages. But all too often, they are underused by military members and their families who may not realize they qualify for a VA loan — or how easy it can be to start the process.

Don't let VA loan myths hold you back from your next home! Today, we're shedding light on the truth behind some of the most common misconceptions about VA home loans.

Myth #1: VA Home Loans Are Only for Combat Veterans

This is one of the most common myths surrounding VA home loans. The truth is that active duty service members, military veterans, reservists or National Guard members, surviving spouses of veterans and certain other individuals can be eligible for VA home loan benefits. You can request a Certificate of Eligibility (COE) from your regional loan center or through a local VA-approved mortgage lender like Wright-Patt Credit Union.

Myth #2: It's Hard to Qualify for a VA Home Loan

Qualifying for a VA home loan may be easier than you think! While maintaining a high credit score is always a good idea, you may qualify for a VA loan even with less-than-perfect credit, depending on your lender's requirements.

Plus, unlike most mortgage programs, VA home loans usually don't require a downpayment or private mortgage insurance (PMI). This can be a huge advantage, especially in this competitive housing market. Saving up cash for a downpayment often takes years, but if you qualify for a VA home loan, you can buy right away with zero money down. Avoiding PMI is also a big benefit that can save you hundreds of dollars a month.

Myth #3: VA Home Loans Can Only Be Used Once

False! VA home loans are not a one-time benefit. As long as you meet the eligibility requirements for a VA loan, the benefit never expires, no matter how many times you use it. This makes a VA home loan a great mortgage option, whether you're looking to buy your first-ever home, upsize to a new home as your family grows or even downsize later on.

Myth #4: The VA Home Loan Process is Confusing and Complex

Not true! At Wright-Patt Credit Union, we work to make your VA home loan experience as smooth, comfortable and stress-free as possible. In fact, we're proud be one of the leading VA-approved lenders in our area. Our VA loans help qualified current and former military personnel purchase a home with no down payment, no additional mortgage insurance and no loan origination fees at a highly competitive interest rate. We also offer flexible underwriting guidelines to help make the dream of homeownership possible for more veterans and active duty service members.

Ready to Find Out if a VA Loan is Right for You?

If you're curious about the benefits of a VA home loan, contact a WPCU mortgage specialist today. We'd love to talk one-on-one with you to help you learn if a VA loan is the best option for your home financing needs.