Top Myths About VA Loans [With a 17-year Mortgage Lender!]

Top Myths About VA Loans [With a 17-year Mortgage Lender!]

va loans in my opinion are the best loan available you all and your family sacrifice so much it's the least that we can do to give you the best loan that's out there welcome back to my office today we're going to talk about va myths and a lot of the most common ones as always i have all the scoop for you the biggest myth i want to talk about the fact that you hear that va loans are super hard and there are lots of red tape i don't think it's true wouldn't you like to know the truth stay tuned to the end you're going to be surprised welcome to your one stop shop for anything and everything mortgage education my name is stephanie weeks and i have helped thousands and thousands of customers with their mortgage financing i've been a loan officer for 17 years recognized in the top one percent of loan officers in production for the past several years in a row by mortgage executive magazine i also have been recognized by the scotsman guide of top originators i drop new videos every tuesday and every saturday please subscribe to the channel hit the bell to be notified and don't forget to share with your friends and family one of our myths today is that there are no closing costs associated with a va loan that is absolutely not true it is 100 busted as they said on that fun tv program called mythbusters the myth is not true because there are absolutely closing costs involved in the va loan you still have the lender you still have the appraiser you still have a title company and you still have the clerk report those are the majority of what consists of closing costs and you absolutely do have those with your va loan the next myth is that va will finance your closing costs and prepaids that is another busted myth the fee will finance up to 100 of the price of the home for eligible veterans they will not finance above the price of the home to include closing and prepaids closing and prepaids is something you need to either be prepared to pay for yourself or negotiate for the seller to help you with those and offset those costs quick little side note if you want some tips on how to get the seller to help pay your closing costs and other tips about home buying and other loan programs stay tuned i might have a course coming up for that maybe you'll see our next myth is that you are automatically approved to get a va loan because you're a veteran could that be more on the opposite ends of the spectrum from we've got one myth that says ba loans are impossible they're red tape they're ridiculous they're hard to get and then we've got this other myth that says show up and sign you can have whatever you want we're gonna bust that one right quick because absolutely not you still have to qualify with credit capacity collateral the ability to repay your budget still needs to make sense that you can afford what you're getting into so that myth is definitely busted you do have to qualify but please never assume that you don't qualify for your va loan please always ask about that it's a great loan it's flexible i don't think there's a better loan out there in most instances so don't let these myths throw you for a loop if you don't want to miss out on all the scoop don't forget to subscribe to the channel and if you're enjoying the scoop and you're already subscribed don't forget to hit the like button our next myth is you can only use your va loan one time not true you can use your va loan multiple times there's actually not a limit as to how many times you can use it it just depends on your eligibility and whether or not you've paid off and or sold the previous home and previous loan that had to do with your va so have at it have as many as you want if you want to move every two years and get a new va loan there's nothing that says you cannot do that no limit so keep shopping the next myth is that you cannot have more than one va loan at a time and that's actually absolutely not true i've known of a veteran that had four va loans at once it actually all depends on your eligibility and your entitlement so don't assume that you can't get another va loan just because you have one currently maybe even you're thinking you've had to move and you have a va loan you're going to keep and rent that house out you thought well i can't get another loan because i've got it on this house and now it's a rental that might not be true it depends on your eligibility so don't fall into one of those myth traps talk with your loan officer because you can actually have more than one va loan at one time our next myth is that you cannot buy a condo or shall i say finance a condo with a va loan that's another myth it's not true you can actually finance a condo or a single family home or even a town home using your va benefit all right he's still there with me i know we got a lot here but they're important because i really want you to know the truth what do i always say knowledge isn't power but implied knowledge is power the next one is let's say that things happen which life does throw us curveballs let's say that you had a foreclosure and it was on a va loan so you've had a previous va foreclosure this is pretty surprising but that in itself does not mean that you cannot get another va loan pause for a moment yes exhort absorb what i said because it is true it does not mean that you cannot get another va loan because you had a foreclosure on a previous it may cause you some restrictions maybe you'll need some type of down payment who knows it all depends on this situation and your eligibility but don't assume that you can't get another one just because life happened something went wrong and you foreclosed on the last one the next one and this is for my borrowers that are dealing with higher loan amounts there the va does not dictate a max loan amount for you what the va does dictate is it follows along to some extent with conforming loan limits and at certain loan amounts which does change over the years you may have to put some money down so let's clarify that the va does not limit you to certain higher loan amounts that's the myth the truth is that the higher your loan amount in relation to conforming loan limits you may not qualify for 100 va loan you may have to put some money down you may have to have a down payment but you can still get that va loan if you fall asleep our next myth is that the va loan takes the same amount of time to close through the closing process as a conventional loan and i'm gonna say sometimes sometimes a va loan will take a little bit longer to close because of those extra documentation on the lender's side because of the extra research we have to do on the lender's side and because sometimes the va appraisals can take longer than other loan types yes sometimes a va loan can take a little longer to process than a conventional because there are also sometimes that it can run about the same timeline i'm gonna say this myth may not quite be busted but i would say it could be argued how about that one okay and another one that we have for today is a very big myth actually the va is not the one actually giving you the loan what they're doing is they're guaranteeing percentages of the loan to help the lender offset their losses by doing that it allows the lender to be more aggressive and give 100 loans to veterans who qualify but it's lenders that are actually giving you the money with the va giving them a guarantee the va is actually not the one literally lending you the money when you are borrowing for a va loan va loans are really hard and they are a lot of red team no absolutely not let me clarify if i as a loan officer in doing am doing a conventional loan versus a va loan do i have 10 more steps absolutely if i'm doing conventional loan versus a va loan do i have like 15 more things to look up i do if i'm doing a va loan versus a conventional loan or conventional loan versus a va loan do i have tons more boxes to fill out i do it is red tape but guess what not for you it's red tape for me as the lender even then va loans in my opinion are the best loan available you all and your family sacrifice so much it's the least that we can do to give you the best loan that's out there for you as the veteran is it a lot of extra red tape let me ask you this question is giving me your dd214 too much trouble i bet it's not who cares it's one extra piece of paper right you're still going to give me check stubs w2s bank statements those standard things that you're also going to give me on other loan types does the appraiser take appraisal take a little bit longer it does just a few days it's fine it's not life or death it's a few days does the closing process take a little bit longer a little bit it's not night and day it's not like 30 days versus 60 or 60 versus 90.

clerk

It's a little bit longer yes but it's nothing that is totally insane if that makes any sense i hope this video is dispelled all these myths for you today and i hope you not only realize that it's not difficult it's not a red light a red tape and it's not a negative experience to get a va loan not only do i want you to know this please go share this with all of our other veterans this is a loan you need to look into before any other loan today's download is going to be a free copy of my book mortgage piece i'm going to drop a link in the description below i love to hear from you all and i love the communication back and forth in the comments below if you know of any other myths that i have missed here today please drop them because we would all love that information thank you for watching if you have not subscribed yet why not go ahead and do it what's it gonna hurt seriously though subscribe to the channel don't forget to hit the bell to be notified please do share these videos and the channel with your friends and family to help me spread my mission of mortgage peace and since you're here with me today and you're visiting anyway stay a little longer check out some of these other videos i'll drop some links up here

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