In short: VA loans let eligible service members and veterans buy a home with no down payment and no monthly mortgage insurance, and they can be used more than once. Sellers in Hampton Roads accept VA offers every day, and many VA buyers pay no funding fee at all if they receive VA disability compensation. The biggest myths are that VA loans are slow, that sellers dislike them, and that you can only use the benefit once.
This Veterans Day, we want to say thank you to the service members, veterans, and military families who make Hampton Roads home. One of the best ways we can help is by clearing up myths about a benefit you've earned.
Myth 1: "VA loans take forever to close."
VA loans close on a timeline similar to other loans, often 30 to 45 days. A good lender and an agent who knows VA requirements make the biggest difference.
Myth 2: "Sellers don't like VA offers."
In a military region like Hampton Roads, sellers and listing agents see VA offers constantly. A strong VA offer with a good lender competes well.
Myth 3: "You can only use a VA loan once."
You can use your VA benefit again and again. Once a VA loan is paid off, your entitlement is usually restored. You may even be able to have more than one VA loan at a time if you have remaining entitlement.
Myth 4: "You need a down payment."
Eligible buyers can purchase with no down payment, as long as the price is supported by the appraisal and they qualify with the lender.
Myth 5: "Everyone pays a big funding fee."
Most first-time VA borrowers with no down payment pay a 2.15% funding fee, which can be rolled into the loan. But veterans receiving VA disability compensation are exempt, along with some other groups. A down payment also lowers the fee.
Myth 6: "The VA appraisal is impossible to pass."
VA appraisals check that a home is safe, sound, and sanitary. Most homes in good condition pass. In Virginia, a termite inspection is also required, which is easy to plan for.
Myth 7: "VA loans are only for active duty."
Veterans, many National Guard and Reserve members, and some surviving spouses can also qualify. Request your Certificate of Eligibility to confirm.
A bonus for sellers
If you already own a home with a VA loan, it's assumable. That low rate could help you sell. See how assumable VA loans help sellers.
Thank you for your service
We're proud to serve Hampton Roads' military community. If you're thinking about buying with your VA benefit, visit our military page or contact us.
Sources: VA.gov: Funding fee and closing costs; VA Home Loans: Local requirements (wood-destroying insects). Figures are for general information and can change; contact us for advice on your specific situation.
Frequently asked questions
Yes. Your VA home loan benefit can be used multiple times. Entitlement is generally restored when a VA loan is paid off, and some buyers can have more than one VA loan at once with remaining entitlement.
Veterans receiving VA disability compensation are exempt, along with certain other groups such as some surviving spouses and Purple Heart recipients on active duty. Check VA.gov for the full list.
Yes. VA requires a wood-destroying insect inspection on homes throughout Virginia as part of its property requirements.
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