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What is Co-Managed Care for Veterans?

VA Loans: Fact or Fiction


Think you know everything about VA Loans? Even though VA loans are one of the best benefits of military service, many veterans have misconceptions about them. Test your knowledge with this quick Fact or Fiction quiz.

Fact or Fiction #1: Veterans can only use their VA home loan benefit once.

FICTION: Veterans can use their benefit as often as needed throughout their life. There are no limits to the number of times it may be used.

Fact or Fiction #2: VA loans can be used for home purchase or home refinance.

FACT: VA loans can be used for both home purchase and refinance – in some cases, for up to 100% of the home’s value.

Fact or Fiction #3: VA loans are for small amounts, which makes them only ideal for starter or distressed homes.

FICTION: VA loans are widely available up to $1,000,000.

Fact or Fiction #4: VA loans take up to twice as long as other loans to process and close.

FICTION: All other variables being equal, VA loans process and close in the same timeframe as other loan types.

Fact or Fiction #5: Veterans have to be either discharged or retired before they are eligible to use their VA loan benefit.

FICTION: Active service members, discharged veterans and retired veterans have full access to VA loan benefits.

Fact or Fiction #6: Members of the Reserves or National Guard are not eligible to receive VA loan benefits.

FICTION: After six years of service, members of the Reserves or National Guard qualify to receive VA loan benefits.

Fact or Fiction #7: If an active duty soldier is serving away from home but intends to return within a year, OR has a spouse who will occupy the property, they can get a VA loan.

FACT: It’s true. If they have a spouse who will occupy the home, or if they plan to be home within a year’s time, active duty soldiers can obtain a VA loan.

Fact or Fiction #8: VA home loan benefits are not extended to widows/widowers of veterans.

FICTION: Widows of fallen veterans who died on active duty or as a result of a service-connected disability are eligible for the VA home loan benefits.

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