VA loans, backed by the Department of Veterans Affairs, offer a unique opportunity for military families to achieve homeownership with zero down payment. However, in 2023, several veterans and active-duty service members are still unaware of the requirements and how this program works, leading to common misconceptions.

Set the record straight by addressing these misconceptions:

1. Down Payment Misconception

45% of active-duty personnel and 17% of veterans believe a down payment of over 20% is required. The reality: VA loans often require no down payment.

2. Single-Use Myth

Approximately a third of veterans and nearly half of active-duty personnel think VA loans can only be utilized once. The truth: VA loans can be used more than once.

3. Processing Time Misperception

41% of veterans and nearly 60% of active-duty personnel believe VA loans take longer to process. The fact: VA loans can be as efficient as conventional loans.

4. Paperwork Overload Belief

40% of veterans and 58% of active-duty personnel fear excessive paperwork will cause delays. Reality: Proper guidance can streamline the VA loan application process.

5. Discount Doubts

Many respondents believe VA loans don't offer significant discounts compared to conventional loans. Truth: VA loans often come with competitive interest rates and favorable terms.

In 2023, VA loans remain a valuable resource for military families, offering a path to homeownership with minimal barriers. By addressing common misunderstandings and providing essential information, the collaboration between the National Association of REALTORS® and the Department of Veterans Affairs seeks to empower veterans and active-duty service members to make the most of this opportunity. With accurate knowledge, homeownership dreams can become a reality for those who have served our nation.

“Veterans and service members face unique challenges when purchasing a home, especially in this strong housing market,” NAR President Leslie Rouda Smith, who moderated the video discussions, said. “These videos will help our members navigate the VA home loan process and maximize its benefits for veterans.” Reference: National Association of REALTORS® https://www.nar.realtor/veterans-affairs

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