TRUTH: VA loan eligibility does not guareentee loan approval. Buyers must obtain a Certificate of Eligibility (COE) and meet the lender's requirements for credit, income, and repayment ability. 

TRUTH: Eligible buyers with sufficient entitlement can often purchase a home with no down payment. However, a down payment may be required in certain situations, such as when the purchaser only has partial entitlement available. 

TRUTH: A buyer may still need funds for the earnest money deposit (EMD), appraisal, inspections, closing costs, prepaid taxes, homeowners insurance, and other expenses. 

TRUTH: The VA loan benefit may be used more than once. Eligibilty can often be restored after a previous VA loan is paid off and the property is sold. In some circumstances, a borrower may also have remaining entitlement that allows another VA-backed purchase while a previous VA loan is still oustanding. 

TRUTH: The only closing cost able to be financed with the loan is the VA Funding Fee. 

TRUTH: VA appraisals are conducted to provide an opinion of a property's market value and confirm that the home meets the VA's Minimum Property Requirements for saftey, sanitation, and structural soundness. 

TRUTH: The closing timeline for a VA loan depends on the buyer's preperation, the lender's experience, appraisal availabilty, property condition, title work, and how quickly all parties provide the required documents.

TRUTH: A VA buyer may be able to purchase a property with multiple residential units, provided the buyer occupies one unit as their primary residence and the property meets the applicable lender and VA requirements. 

TRUTH: With an experineced VA lender and agent, the process can be straighforward.