If you or your spouse served in any branch of the US Armed Forces, you may be eligible for a VA home loan. Check out these myths and misconceptions so you have a better idea of what to expect.

2. Have you heard bad things
about VA home loans? This
type of loan is a great benefit to
those who have served in the
military, and the Department of
Veterans Affairs has guaranteed
more than $911 billion dollars in
funding since 1944.
Here are 15 of the most common
myths and misconceptions about
VA home loan benefits:

3. MYTH #1:
“Members of the
National Guard or
Reserves are not
eligible for a VA
loan.”
REALITY:
Many factors could affect the time it takes
to close on a VA home loan benefit, but with
preparation and the proper documents, the
timeline could happen within 30 days. Make
sure you work with a lender who deals with
VA home loans, like Flagship Financial.

4. MYTH #2:
“VA loans are risky.”
REALITY:
Data from the Mortgage Bankers Association
indicates that the opposite is true, because
VA loans are at the lowest delinquency rates
since the 1980s.

5. MYTH #3:
“You can’t buy
a short-sale
or foreclosure
property with a VA
loan.”
REALITY:
Yes, you can purchase a foreclosed or short-
sale property, as long as it meets the VA’s
minimum property requirements.

7. MYTH #4:
“Foreclosure and
bankruptcy will bar
you from getting a
VA loan.” REALITY:
If you had a bankruptcy or foreclosure impact
your credit rating, don’t rule out a VA loan just
yet. Contact an expert at Flagship Financial
Group to discuss your options.

8. MYTH #5:
“You’ll need a big
down payment for a
for a VA loan.”
REALITY:
Typically, you can obtain a VA home loan
with no down payment, and no monthly
mortgage insurance obligation.

9. MYTH #6:
“VA loans require
a perfect credit
score.”
REALITY:
While there is no minimum credit score
requirement, each lender must make their
loan decision based on the entire loan profile.

11. MYTH #7:
“Widows and
widowers are not
eligible for a VA
loan.” REALITY:
If you are an unmarried surviving spouse of a
veteran who died on active duty, you may be
eligible for VA home loan benefits.

12. MYTH #8:
“You need to
occupy the
property to get
a VA loan.” REALITY:
Those serving overseas on active duty
can obtain a VA home loan if they plan on
occupying the property within one year, or if
their spouse will occupy the property.

13. MYTH #9:
“Members of the
National Guard or
Reserves are not
eligible for a VA
loan.”
REALITY:
If you serve in the Reserve or National Guard,
you may qualify for a VA home loan if you
meet certain requirements.

15. MYTH #10:
“VA loans are open
only to retired
or discharged
veterans.” REALITY:
Not only can former servicemen and women
qualify for a VA home loan benefit, but active
service members can too.

16. MYTH #11:
“Qualifying for a VA
loan is a difficult
process.”
REALITY:
The U.S. Department of Veterans Affairs
explains the process of qualifying for a VA
home loan benefit. The VA home loan program
provides an easier qualification process for
veterans who may not have qualified for other
home loan options.

17. MYTH #12:
“It can take a long
time for your VA
loan to close.”
REALITY:
Many factors could affect the time it takes
to close on a VA home loan benefit, but with
preparation and the proper documents, the
timeline could happen within 30 days. Make
sure you work with a lender who deals with
VA home loans, like Flagship Financial.

18. MYTH #13:
“VA loans are
small.”
REALITY:
While there are no limits to the size of the
loan, there are limits on the liability that the
VA will assume, which also depend on the
county.

20. MYTH #14:
“You can only
purchase a home
with a VA loan.”
REALITY:
VA loan financing can be used to purchase a
home, repair or improve an existing home, or
purchase a lot.

21. www.flagshipfinancialgroup.com
WE CAN ADDRESS YOUR CONCERNS
Talk to the experienced loan officers at Flagship Financial Group
to answer any questions you have about any of these myths and
misconceptions. We’re here to help!