Fact: While the VA encourages approved lenders to provide VA loans to all qualified applicants, it does not describe a minimum credit score. Each lender has its own credit requirements, which they use to verify that borrowers meet the ability to repay the loan. Typically, a score in the 620s or better is needed to apply for a VA loan.

Fact: You can use a VA loan to buy a home in a high-cost area as long as the home appraises for the loan amount or less.

Fact: You can use a VA loan for a second home, but you must certify that you intend to occupy the home as your primary residence.

Fact: The VA guarantees a portion of the loan up to a maximum amount. The lender is responsible for any losses above that amount.

Fact: VA loans are available to both first-time and repeat homebuyers.

Fact: You don’t have to have a zero debt-to-income ratio to qualify for a VA loan. Lenders will take your current debt-to-income ratio into consideration when evaluating your loan application.

Fact: You can use a VA loan to buy a foreclosure as long as the home meets all VA standards.

Fact: VA loans can be used to purchase a variety of properties including single-family homes, condominiums, townhomes, duplexes, and manufactured homes.

Fact: You can use a VA loan to refinance an existing loan as long as you meet certain requirements.

Fact: VA loans do not require a down payment.

Fact: You can use a VA loan to buy a luxury home, but the home must meet the VA’s minimum guidelines for size and condition.

Fact: VA loans are typically more affordable than other loan types because they don’t require a down payment and have lower closing costs.

Fact: VA loans typically take the same amount of time to close as other loan types.

Fact: Your earn a VA home loan benefit it is yours for life, and in some cases, can be used multiple times at once. Many Veterans use it again and again for their home financing needs. You can use it to buy that starter home, and then use it again to upgrade to a larger home for your growing family. And you can use it again to refinance your property for a lower interest rate or get cash out of your home’s equity. As long as you have enough entitlement to back your loan, a VA loan can be a great mortgage choice for all stages of life.

Fact: VA appraisals shouldn’t take any longer than appraisals for conventional loans. The VA guidelines state that appraisals can take anywhere from seven to 28 business days, depending on the property’s location.

Fact: VA loans are known for their benefits, including no private mortgage insurance (PMI) and, in most cases, zero down payments. As far as other out-of-pocket costs go, you should receive a Good Faith Estimate from your lender. And there should be no surprise fees at closing time. You can expect to pay a VA funding fee (unless exempt), an appraisal fee, an origination fee, title fees and some other costs approved by the VA. With VA financing, a seller can agree to pay all closing costs and up to 4% concessions.

Fact: Most VA lenders have authority from the VA to underwrite loans automatically, without submitting them to the government for approval. Unless there’s some extenuating circumstance, you probably won’t work directly with the government when you apply for your VA loan. You do have the option of using the VA website to obtain your Certificate of Eligibility (COE), but even for this step, you can use your lender as a liaison.

Fact: VA loan interest rates are usually as low or lower than competitive rates on conventional loans.

Fact: Below are the different ways to use your VA home loan benefits:

• Buy a single-family house
• Buy a condominium unit in a VA-approved complex
• Buy a multi-family property (up to 4 units per VA-eligible borrower)
• Build a home
• Buy and improve a property
• Make energy efficient improvements
• Buy a manufactured home and/or lot (certain lenders)
• Streamline refinance your VA loan for a lower rate or payment
• Cash-out or regular refinance your VA or non-VA mortgage