VA LOAN CAPTAIN BLOG & Learning Center

3 VA Loan Myths Busted

By: Grant Moon 08/01/13 07:20 am

VA Loan Myths Busted

The VA home loan benefit is perhaps the most attractive on the market today for those who qualify. This program, originally introduced as part of the G.I. Bill toward the end of World War II, allows veterans and other qualified service members to buy and finance a home with no money down. VA home loan requirements have changed throughout the years and not all mortgage companies are VA loan specialists. That said, there can be a lot of misinformation out there.

Myth #1: The VA Approves the Loan with the Certificate of Eligibility

For those not familiar with the VA loan process, this is a common misunderstanding. The VA no longer approves mortgages, that stopped years ago. What the VA does however is validate whether or not the veteran qualifies for the home loan benefit, and is evidenced by the certificate of eligibility.

Myth #2: Sellers Don’t Like Buyers with VA Loans

Until mortgage lenders were awarded the ability to independently underwrite a VA loan application, the VA did in fact control the entire process. VA loan applications could take two or three months, sometimes even longer, to get a VA loan through the pipeline. Today, VA loans are approved automatically, in-house at a qualified lender and take no more or less time to close than any other mortgage type.

Myth #3: VA Loans are Only for Veterans of Certain Wars

This was actually true for a very long time. Soldiers who served during peacetime couldn’t earn the VA home loan benefit. This was changed in 1992 and now any active duty service member who has served at least 181 days, honorably discharged veterans and National Guard and Reserve Members who have completed six years of continuous service have earned the home loan benefit.


VA Loan Captain, Inc. is a service disabled veteran owned small business registered in the state of New Jersey.® is a diversified housing, benefits, education, and services platform assisting current and former servicemembers to receive the information, value, and services that they deserve.® has partnerships with veteran focused non-profits and charities that provide services to veterans but is not affiliated with the VA or any government agency.

© 2021 - All Rights Reserved.

Please complete the following fields to be contacted by one of our representatives.

To find out if you are eligible, complete the following fields to be contacted by a certified VA loan consultant.