VA Loans and You: The Pumpkin Spice of Real Estate

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Interview with a Lender: VA Loans

What are some VA loan myths you tend to hear when working with applicants?

 Myth: You can only use one VA loan at a time.

This is incorrect. If you had a VA loan before and decide to sell the house,

your entitlement is restored because the loan is paid off. This means you can get

another VA loan for your next house. The money from selling your old house can be

used to help you buy the new one. You can repeat this process multiple times, restoring your entitlement each time you sell and pay off the loan in full.

 Myth: Getting a VA loan is a difficult process.

Back in the 1980s, receiving a VA loan was difficult because borrowers had to jump

through many hoops, however, this is no longer the case. As long as you meet the US military eligibility requirements, getting a VA loan is the same process as that of any other loan. Some people even say that VA loans offer more flexibility than other loans. Let’s talk about VA Home Inspections and Appraisals. What is the benefit or meaning of each? VA Appraisal: In a VA  appraisal, the VA appoints an approved local appraiser from the market to carry out an appraisal report. This report examines comparable homes in the area in relation to the subject property and establishes a lending value. Additionally, the appraisal assesses the condition of the collateral to ensure it meets VA guidelines and local health and safety requirements. VA Home Inspection: A home inspection is arranged by the buyer for their own purpose or personal benefit. The buyer hires a home inspector to assess the property. They identify any issues with the house and highlight the items that require attention or fixing. The inspection report is designed to provide the buyer with a full understanding of the property's condition and any potential concerns that should be brought to their attention. 

Let's talk about the importance of the VA Loan and how AFB can help us.

The VA loan program plays a crucial role in helping veterans and active-duty service members achieve the dream of homeownership with more affordable and accessible financing options.At Armed Forces Bank, our loan officers are exceptional and have an average of 15-20 years of loan experience. What sets us apart is our unique perspective, as many of our team members are veterans or military spouses, giving them an in-depth understanding of our borrowers' needs and challenges. These team members are well-prepared to handle complex situations, particularly for active-duty personnel facing relocations across the

country. As a testament to our commitment to veterans, we waive all lender fees for them, ensuring they receive the best combination of service and price.

The expertise of Armed Forces Bank loan officers goes beyond VA loans; our lenders are well-versed in all types of loans. Whether it's conventional mortgages, FHA loans, or other financing options, the team is

equipped to assist both military members and civilians alike. Ask about our specials for HERO and professional loans as well!

*Excerpt from Armed Forces Bank*

MilHousing Network is a proud partner ofArmed Forces Bank, serving those who serve since 1907. For more information, click here.

MilHousing Network is a proud partner ofEufy, offering cost-effective home and security solutions for our community, 

click here.

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