Debunking the 3 most common Myths regarding VA Loans in San Diego The VA Home Loan Program was part of the GI Bill of Rights or the Servicemen’s Readjustment Act that was enacted by Congress in 1944. It leveled the playing field for those WWII veterans who wanted to purchase a home but were struggling to secure financing. Unfortunately, a number of myths have evolved in the 7 decades since, the most common 3 of which we are debunking in this content. These myths are as follows: Perfect credit and finances are required in order to qualify for VA home loans – FALSE. While a minimum 660 score is required for conventional loans, the VA requires a 620-credit score. Since no down payment is required, VA loans are considerably riskier – FALSE. The reason that no down payment is required is because the VA backs part of your loan (commonly referred to as the ""VA Loan Guaranty""). VA loans cost more and put the buyer at a disadvantage – FALSE. The VA limits certain costs and fees (e.g., closing costs). While you can negotiate with the seller and have them cover some of these costs, it’s not always necessary to do so. It helps to discuss with the financial experts to understand your custom eligibility and loan details. https://www.google.com/maps?cid=16824122314408091412