There is a lot of misinformation and confusion about veterans home loan programs across the country, which is unfortunate considering Texas alone has over 1.5 million veterans!
That is why it is so important for real estate agents and veterans to fully understand what the Texas VA loan program offers, and the benefits of a VA home loan vs conventional loans. In order to help you better understand your benefits and entitlements, we've taken four of the top myths surrounding VA loans and busted them.
Myth: VA Loans Are ComplicatedThe VA has gotten something of a bad reputation in recent years, but at least as far as VA loans go, it's a bit unfair. In fact, there is less paperwork involved in a VA loan than in a standard mortgage, meaning you might be able to close your VA loan much faster than you would with a conventional loan.
Myth: Low LimitsThe basic entitlement for a home loan is only $36,000, which is often confusing. In the Texas VA loan program, VA loans are available statewide up to $484,350 with no down payment. If you are willing to put down some money, the size of the available loan may soar up to a maximum of $1,500,000.
Myth: Only a Fragment Of the Population QualifiesWe've done a little myth-busting on this point already above, but it is worth pointing out again. There are a huge number of veterans who qualify for VA loans: roughly 18.8 million veterans in the United States, according to the 2015 Census American Community Survey.
Myth: National Gaurd and Reserve Veterans Do Not QualifyIn fact, Veterans of the National Guard and the Army reserves can both qualify for a VA loan provided that they have served for at least six years.
Veteran loans are an important way that the United States shows thanks to the brave men and women who serve our country. It is our hope to make sure that myths and misconceptions about the benefits of VA loan vs conventional loans don’t get in the way of even a single veteran's home ownership.