Common Myths and Questions About the VA Loan

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Real Estate

Common Myths and Questions About the VA Loan



“Only current Active Duty military members are eligible”

Any member from, any branch is eligible to use their benefits as long as they meet the following criteria:

-Active Duty: serve 90 days during combat or 181 days during peacetime; serve 2 years and get out on good terms 

-Reserves and National Guard: 6 years in 

If you have been discharged for a service-connected disability you can still take advantage of the VA Home Loan. 



“I have already taken out a conventional loan so my opportunity to use the VA Loan is gone” 

Actually, after the 70’s it was ruled that your certificate of eligibility never expires and you can use your VA loan to get out of another loan and start 

saving yourself money!



“I am PCSing in 2 years so there is no reason for me to be buying a house”

Turn your dream Hawaiian home into an investment! As long as you occupy your home for 1 year it can then be rented out to other military families,

like yourself. You can always come home when you’re ready. 



“But what if I deploy for a year before my 1-year mark?”

Your spouse and/or dependents can remain in the home to finish out that 1 year period. 



“There is no way I can afford a house. I have $4K in my bank account and that is nowhere near enough for my down payment” 

There is no down payment required for your first home. $0. 



“But what about all of the fees associated with buying a home?”

Finding a trustworthy and knowledgable realtor and lender team is crucial here. Many people will want to get as much out of you as they can

but, if you find the right team they will be more than willing to help and they are not going to get an extra $5K out of you in unnecessary “fees”. 

Hint: being on this website, you are off to a great start on finding your realtor match made in heaven. 



“The selection of houses you can buy with your VA Loan is not very good with the given budget”

Finding your dream home is possible especially with $453,100 in the continental 48 and $679,650 in Alaska and Hawaii. The average price of a

home in the US is $188,900 and $653,000 in Hawaii. 




“I found my dream house but I am stuck in base housing for a year. I know my house won’t wait but what can I do?”

In base housing, all of your BAH is gone, right? This makes it impossible to buy while in the first “required” year of your base housing agreement. 

BUT, according to the folks at Ohana Military Housing(MCBH) buying a home in town gets you out of your base housing agreement even if you’ve

only been in the house for a week.


 By: Madison Dickson