By: Quin Linich Researching is very crucial if you are currently considering a VA home loan. And while you’re at it, you can’t help but discover some funny information about getting this type of loan. Myth No. 1: I have bankruptcy on my credit report and lenders won’t make a mortgage loan so I have to wait for ten years for the bankruptcy to be removed from my report. The Truth: This is absolutely not true. What’s good about VA loans is that it has a more lenient credit guideline. It allows 2 years to pass before issuing a mortgage after bankruptcy. Myth No. 2: I can only apply for a VA loan from the Department of Veterans Affairs. The Truth: Actually, VA does not make loans. You can apply for a VA loan with any mortgage lender as long as the lender participates in the VA home loan program. A good example would be the VA Loan Store. Myth No. 3: I have to be on active duty in order to qualify for a VA home loan. The Truth: Your eligibility is based on your current and past service. According to the VA General Rules for Eligibility, you are most likely eligible for a VA loan if you have served at least 181 days from 1964 to today. Myth No. 4: VA loan limits are lower than the regular, non-government loans. The Truth: Loan limits usually change every year, especially if there’s a ten percent increase in home prices. Currently, zero downpayment VA loan limits range from $417,000 up to $1.094 million.Here are the truths behind the four of the most common VA loan myths:
