Common Myths Regarding VA Loans
1. Other Types of Financing are Easier to Qualify For.
Simply not the case. VA Loans have a very high allowable debt-to-income level and the underwriter can manually approve a loan if it is a make sense loan. VA Home Loans also have very forgiving credit score and history requirements allowing for as low as 600 credit for some lenders, and VA deems credit repaired if the borrower has 12 most recent months of on time payments.
2. The VA Loan Amounts Are Too Low
The VA loan has very high loan amounts with zero money down. Talk to your lender about the max zero down amount in your area, but they can range from $417,000 to $725,600 depending on where you plan to buy. As of January 2020, the VA announced no loan limits on the VA Home Loan. Of course, Lenders will have their own requirements for you to qualify for the VA Home Loan.