One of the reasons why some mortgage loan borrowers experience a not-so-good loan shopping experience is that they do not do enough research before taking an offer or getting mortgage loan deal.
If you are interested in VA home loans Santa Barbara, CA, it is imperative that you are familiar with the product so that you can get the best option for your unique condition.
Here are some myths about VA home loans you should know:
VA purchase loans are not for short-sale or foreclosed real estate – Myth
The truth is, it can be used to buy a foreclosed and short-sale with as little as no money down. Those who are eligible for VA home loans Santa Barbara, CA may have an advantage over those who need up to 20% cash as down payment to qualify for conventional loans.
Surviving spouses don’t qualify for VA loans – Myth
The truth is, veterans, active duty and certain surviving spouses are eligible for VA home loan benefits. Qualified surviving spouses may borrow with no money down. In fact, they are exempt from paying the VA funding fee.
Military members deployed overseas are not qualified for a VA-guaranteed loan – Myth
The truth is, those military members who are assigned abroad can just sign a document called power of attorney, specifically designating a spouse (or somebody else) to act on their behalf for a VA loan transaction; the POA grants permission for the attorney in fact to act on behalf of VA-eligible borrower.
VA loans take forever to close – Myth
The truth is, on average, VA appraisals can be back in under 10 business days. There is a little difference between VA and conventional loans when it comes to getting to the finish line. As a matter of fact, in 2015, VA loans had a higher closing success rate than conventional loans.
All realtors are good VA home loan advisors – Myth
The truth is, VA certification real estate agents does not exist. That means, your VA home loan application cannot be entrusted to a real estate agent (unless of course he/she is proven expert in the field), but to a mortgage loan individual or entity that is proven to be an expert in VA loans. Companies like HomePlus Mortgage can provide reliable VA loan facts needed for decision making.
Interested in VA home loans Santa Barbara, CA? Contact us today for inquiries.
