5 Veterans Home Loan Misconceptions

Dated: 04/30/2019

Views: 472

Recently I participated in a 7 Hour Continuing Education Course entitled -- Military Relocation Professional.. The course title describes the course content and 50+ Realtors™ spent the day learning tons of information about how we as Professional Realtors™ can better serve those who have served this Country.. Awesome!!  As a Veteran of the US Navy myself it is very important to me that I bring to the table as much knowledge as I possibly can in order to better serve my clients..  One troublesome fact that I learned at this course of study was that only 21% of Veterans ever use their VA home loan benefit???  The discussion as to "WHY" veterans do not use their benefit centered on various misunderstandings of the benefit, and it is my hope to begin to clear some of that confusion with the below 5 misconceptions or myths debunked!!! Please comment any and all questions or thoughts and I will do my best to get clear concise answers for your questions.. Thanks for reading and sharing my Journey to becoming Albuquerque's newest and hardest working Military Relocation Professional :-)

1.)Your VA Home Loan Benefit can only be used once:  FALSE, if you have used your VA home loan benefit and subsequently pay off that loan by sale or just paying off the note, your VA entitlement is restored for future use... Furthermore, your VA entitlement is a set amount of money so you may be able to use it for another VA Loan even if the first loan is not paid off... Comment for more specifics
2.)VA Financing is only available for Single Family Homes: FALSE, The purchased property can also be a Town Home, Condominium, or Manufactured Home.

3.)VA Guarantees all service members will Qualify: FALSE: in general Borrowers must still be credit worthy and meet lender criteria for a Home Loan. For specific requirements, comment below and I will reach out to you!!

4.)VA Loans can not be used to Refinance: FALSE, the VA Interest Rate Reduction Loan (IRRL), does allow refinancing of a current mortgage.

5.)The VA Loan is the most Underutilized Loan in the U.S.: TRUE, The VA Loan is an excellent option for Home Purchase available to most people who have served in any branch of the service.  There are minimum requirements for eligibility... Are you a veteran or know someone who is and are trying to purchase a Home?? Reach out to Patrick Middleton TODAY and I will help you navigate the entire process... 

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Patrick Middleton

Patrick Middleton - REALTOR servicing buyers and sellers in Albuquerque and surrounding areas.. Retired Naval Aviator/First Responder. Helping Veterans, 1st/next home buyers, rural homes, Law Enforc....

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