Myths About VA Loans in Riverside –Busted!
Many veterans and service members aren't aware that they have a fantastic home loan benefit. VA loans are a great way to buy a house in Riverside or refinance an existing one. Sadly, besides the fact service members don't know what VA loans are, there are many misconceptions about VA loans. Fret not, because we'll debunk those myths to clear confusion about VA loans.
If you want to buy a home in Riverside with VA Loan but don't know where to start, contact our mortgage experts at Rancho Vista Mortgage so they can assist you.
Myth #1 — Just Combat Veterans are Eligible
FALSE: Active service members, surviving spouses, veterans, and others can qualify for VA loans. You can qualify if you are a:
- Public Health Service Officer
- Military Veteran
- Active Serviceman/Servicewoman
- National Oceanic & Atmospheric Administration Officer
- Surviving Spouse
- Academy Cadet or Midshipman
- Reservist or National Guard Member
Many members of the military are eligible to reap the benefits of a VA mortgage in Riverside.
Myth #2 — You Can Only Use a VA Home Loan Once
FALSE: There isn't a limit to the number of times you can use your VA loan benefits. In fact, it's possible to have multiple VA loans at one time. But it will depend on the VA loan entitlement.
Before applying for a VA loan, we suggest that you use a VA mortgage calculator and see how much you can afford before applying for a loan.
Myth #3 — VA Loans are Difficult to Qualify For
FALSE: VA loans have fewer credit restrictions in contrast to conventional loans. These reduced restrictions, such as more leniency to credit scores and a higher DTI ratio, mean it is way easier to qualify for VA loans.
If you want to get pre-approved for a VA home loan in Riverside, call or message our mortgage experts to help you get started.
Myth #5 — VA Loans Take Too Long to Close & Process
FALSE: The majority of VA loans don't take any longer to close than an FHA or conventional loan. The solution is to work with a lender that's well-versed in the process.
VA home loans don't have to be hard to understand. We hope that this article gave you a better understanding of how VA loans work.
If you're searching for the best VA home loan in Riverside, then you can't go wrong with a VA home loan by Rancho Vista Mortgage.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.