VA Home Loans: The Benefit You've Earned. Don't Let the Myths Hold You Back.

When people ask why I chose to specialize in VA home loans, the answer is simple: it's my small way of giving back to those who have sacrificed so much for our country.

My nephew is a graduate of West Point Class of 2023 and is currently serving on active duty in the U.S. Army at Fort Carson. Watching his dedication, and seeing the sacrifices made not only by those who serve but also by their families, has given me an even deeper appreciation for our military community.

While I can't serve in uniform, I can serve by helping veterans and military families make the most of one of the greatest benefits they've earned: the VA home loan.

Unfortunately, it's also one of the most misunderstood mortgage programs available.

I want to address three of the most common myths.

Three Common VA Loan Myths

^{Myth #1: VA Loans Are Harder to Get Accepted}

Not true.

When buyers are well-qualified and work with an experienced lender, VA loans close just as successfully as other loan types.

The VA appraisal simply ensures the home is safe, structurally sound, and sanitary. The key is to have a lender that can plan, communicate, and execute a clear timeline.

^{Myth #2: You Can Only Use Your VA Loan Once}

Many eligible borrowers can restore their VA loan entitlement after selling a home, and some may even have enough remaining entitlement to own more than one home with VA financing.

Your VA benefit is designed to serve you throughout your lifetime, not for one home, but for all your homes.

I've had an active-duty Army officer who had three VA loans simultaneously because her orders changed and she kept the properties and rented them at her former duty stations.

The key is that when you use your VA benefit, it must be for your primary residence. If you get new orders and have enough entitlement to do another 100% financing, you can.

On her third home, she had to put $5,000 down to cover the shortage from her entitlement.

VA doesn't make you sell your departing residences. If they are no longer your primary residence, you can choose to keep them and rent them.

^{Myth #3: VA Loans Are Only for First-Time Buyers}

Whether you're buying your first home, relocating because of military orders, or purchasing your next home, your VA loan benefit can be utilized.

The key is the home must be your primary residence and will depend on how much entitlement has been restored or how much is remaining from existing purchases.

Think of your VA entitlement like a co-signer that's backed by the federal government, except the VA isn't making your payments or signing the loan. Instead, they're guaranteeing a portion of the loan to the lender.

That guarantee reduces the lender's risk, which is why qualified veterans can often buy a home with no down payment and without monthly mortgage insurance.

VA Loan Benefits You May Not Know About

One reason VA mortgages are so valuable is the financial flexibility they provide.

·      No down payment (although you can put money down to lower the loan balance and, if applicable, your funding fee)

·      No monthly mortgage insurance (PMI)

·      Competitive interest rates

·      Flexible qualifying guidelines

·      Limits on certain closing costs

·      IRRRL rate-term refinancing

·      Assumable loans, which could become a valuable selling feature if interest rates rise

These benefits often make homeownership more affordable than many realize.

Who Is Eligible?

VA loan eligibility is available to many, including:

·      Veterans

·      Active-duty service members after 90 continuous days on active duty

·      National Guard and Reserve members with six creditable years of service or 90 days of qualifying non-training active-duty service

·      Certain eligible surviving spouses

^{Real-Life Examples}

Example #1

Sarah joins the Army National Guard after high school. She serves one weekend each month and two weeks each summer. After completing six honorable years, she's eligible to use her VA home loan benefit.

Example #2

John joins the Air Force Reserve but is mobilized on qualifying federal active-duty orders for 120 days after just two years of service. Because he meets the active-duty requirement, he doesn't have to wait the full six years before becoming eligible.

The easiest way to know where you stand is to speak with a lender who understands VA financing and can review your Certificate of Eligibility (COE).

My Advice to Every VA Homebuyer

^{Don't disqualify yourself before having the conversation.}

Many people assume they need perfect credit, perfect work history, or that their benefit no longer exists.

Every situation is unique, and there may be options available that you didn't know existed.

VA loan guidelines are very logical, and you don't know what's possible until you inquire.

You earned this benefit through your service. My job is to help you understand it, use it wisely, and make the homebuying process as smooth as possible.

Lenders are here to work for you. If you feel like you aren't being supported in the process, then it might be time to look at a different lender.

Thank You for Your Service

Helping military families achieve homeownership is one of the most rewarding parts of what I do.

It's an opportunity to give back in a meaningful way while helping those who have already given so much to our country.

If you're considering using your VA home loan benefit, start by asking questions. It's why I start every client with a consultation that I call a Discovery Visit.

It helps us get to know one another, allows me to listen to what you're seeking, and helps you discern the facts from fiction.

The more you understand your options, the more confident you'll be when it's time to buy or refinance.

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By Julie Vari Adams
Senior Mortgage Banker | ilovekc team | Overland Park, KS
NMLS #1496369

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About the Author

Julie Vari Adams is a Senior Mortgage Banker with LeaderOne Financial and a trusted VA home loan specialist who is passionate about helping veterans, active-duty service members, and military families understand and maximize the home loan benefits they've earned. With extensive experience in VA financing, Julie is dedicated to educating borrowers, simplifying the mortgage process, and helping military families achieve their homeownership goals with confidence.

Learn more about Julie or connect with her here:
https://www.leaderonefinancial.com/mlo/julie-adams

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