1) The seller must pay for the buyer’s pest inspection report.
Though in some cases this may be true if the buyer is using a mortgage company that is charging a mortgage origination fee it is not always true. Some lenders wave this fee as a help to the veteran and to cut down the costs. If the origination fee is not there the pest inspection can be paid for by the buyer.
2) VA loans take longer to appraise.
This is false the VA actually has a required time table that the VA certified home appraiser must work within and often times they are actually faster than a traditional appraisal.
3) The VA home inspection is over intrusive and kills deals.
First of all, it is not an inspection it is an appraisal. As with all appraisals safety concerns will always be brought up and need to be fixed as the appraisers license is on the line for this. The other items that may come up like peeling paint would also come up if the person was using a FHA loan or if it is severely peeling it would come up on any appraisal even conventional financing.
4) VA loan buyers are under qualified and have barely any money so they should not be buying a home.
Truth is statistically speaking veterans tend to have more job security, more assets, and a higher amount in savings. They also are far less likely to get foreclosed on in the long run vs their civilian counterparts.
5) The VA home loan process is often confusing, murky, and convoluted.
Using the right VA lender who understands the product makes all the difference. Sometimes people try to use a lender who carries every product but do not realize that person does not specialize in any of their products. Another big suggestion is to use a local mortgage pro who understands the local markets and nuisances.
6) Coast Guard, Reservists, and National Guard do not qualify.
Actually, they all qualify just make sure they have the correct amount of service time in. All these groups are veterans and qualify for VA benefits.
Now that we have talked about a few of the myths involved with VA loans we highly suggest you listen to our podcasts where we go over more info about this subject with a VA Loan specialist. Here are a few other quick and interesting facts
1) The windowed husband or wife of a veteran who qualified for finance through the VA also qualifies as long as they did not get married again to a civilian.
2) Over 1.7 billion dollars in VA home loans were generated in Massachusetts in 2018 alone!
3) VA home loans allow sellers concession.
4) VA home loans are assignable to others even civilians within some restrictions.
5) Movementum Realty has experts ready to help with your VA sale or purchase.
Listen to our Homeownership Podcast with special guest Patrick Queally from Hancock Mortgage Partners.
Patrick is a expert in VA Loans and answers common questions and concerns on VA Loans.