Think VA Loans Are Hard to Get? Here Are the Facts You Need to Know

by Skylar St. Pierre

Introduction:

There are many myths surrounding VA loans that cause veterans to hesitate before applying. One of the most common misconceptions is that VA loans are harder to get approved for than conventional loans. But here’s the reality: VA loans often have more lenient credit and income requirements than conventional loans, making them easier for many veterans to qualify for.

In this blog, we’ll debunk the biggest myths about VA loans and explain why they’re often a better choice than conventional loans.

The VA Loan Myth

Myth: VA loans are harder to get approved for than conventional loans, requiring higher credit scores and stricter income requirements.
Fact: VA loans typically have lower credit score requirements and more flexible income guidelines than conventional loans. This makes VA loans accessible to a broader range of veterans. Learn more about VA loan requirements here.

Debunking the Biggest VA Loan Myths

Myth: VA Loans Are Harder to Qualify For
Fact: VA loans actually have more lenient credit and income requirements than conventional loans. While many conventional loans require a credit score of at least 620, VA loans are often approved for veterans with credit scores as low as 580.
Myth: You Can Only Use a VA Loan Once
Fact: You can use your VA loan benefits multiple times. Once you’ve paid off your first VA loan, you can apply for another one to buy a new home, as long as you meet the eligibility criteria. Read more about using VA loans multiple times.
Myth: VA Loans Have High Closing Costs
Fact: VA loans typically have lower closing costs than conventional loans because they don’t require private mortgage insurance (PMI), and the VA limits the fees that lenders can charge. Explore VA loan closing costs.
Myth: VA Appraisals Are Always Lower Than Conventional Appraisals
Fact: VA appraisals are designed to ensure the home is safe and meets minimum property standards, but they are not meant to undervalue homes. VA appraisals are typically in line with conventional appraisals. Learn more about VA appraisals here.

Why VA Loans Are Easier to Get Than You Think

Flexible Credit Requirements: VA loans have more flexible credit requirements than conventional loans, making them accessible to veterans with lower credit scores.
No Down Payment Required: VA loans don’t require a down payment, which means you don’t need to save tens of thousands of dollars to qualify.
Lower Interest Rates: VA loans often come with lower interest rates than conventional loans, saving you money in the long term.

Conclusion: Don’t Let VA Loan Myths Hold You Back

VA loans are one of the most accessible mortgage options for veterans. With flexible credit requirements, no down payment, and lower closing costs, they offer significant benefits compared to conventional loans. Don’t let myths hold you back from applying!