According to a recent survey from NewDay USA, nearly half of Veterans (49%) feel like homeownership is out of reach right now.

But the truth is, many are closer to homeownership than they realize. And you could be too.

If you’re a Veteran, you’ve probably heard of the VA home loan benefit. It’s been around for more than 80 years. But what a lot of people don’t realize is what it actually covers. In fact, there are three common misconceptions that trip Veterans up the most (see graph below):

Any one of those misconceptions could be holding you back. So let’s break down all three and make sure you have the information you really need.

You May Not Have To Put Any Money Down

One of the biggest advantages of a VA loan is the ability to buy a home with zero money down, but a lot of buyers don’t even realize that’s possible. According to a survey from NewDay USA, many respondents thought they’d need to save between $10,000 and $19,900 before buying a home. That could mean years of saving for an upfront cost that may not even be required.

You May Have Lower Closing Costs

According to the Department of Veterans Affairs, VA loans can limit the types of closing costs buyers are responsible for, which means more money stays in your pocket at closing and less to save upfront. When you combine that with the zero down payment benefit, it can really shorten the time it takes to buy a home.

Your Monthly PMI Costs Could Be $0

Unlike many other loan options, VA loans usually don’t require private mortgage insurance, even if you’re putting little to nothing down. With a conventional loan, though, you might end up paying anywhere from $100 to $300 a month in PMI until you reach 20% equity, according to NewDay USA. Over time, that can add up to thousands of dollars.

Your BAH & BAS May Help You Qualify for More

If you’re on active duty or a qualifying reservist, your Basic Allowance for Housing and Basic Allowance for Subsistence may be counted as income when you apply for a VA loan. So if you’ve been doing the math without including your BAH or BAS, you might actually qualify for more than you expected. Since both are non taxable, they can help increase your overall qualifying income.

Bottom Line

VA home loans can make homeownership more attainable, and working with a trusted lender can help you understand all the details before you move forward.

If you’re on active duty, a Veteran, or you know someone who is, it’s worth connecting with a trusted lender who can help you understand if you qualify and what the VA benefit includes. You might be able to buy a home sooner than you expected.