Nearly half of Veterans (49%) feel homeownership is currently out of reach, according to a recent survey from NewDay USA.

And here on Long Island, where home prices and upfront costs can feel intimidating, many Veterans may assume buying a home just isn’t possible right now.

But the truth is, you could be closer than you think.

If you’re a Veteran, you’ve probably heard about VA home loans. The benefit has been around for more than 80 years, yet many Veterans still don’t fully realize what it can actually help cover. Three common misconceptions continue to hold buyers back.

Any one of these myths could be stopping you from exploring your options. Let’s break them down.

You May Not Have To Put Any Money Down
One of the biggest advantages of a VA loan is the possibility of purchasing a home with zero down payment. But many buyers still believe they need to save tens of thousands of dollars before they can even begin the process.

On Long Island, where saving for a large down payment can feel overwhelming, this benefit could make a major difference and help you move into a home sooner than expected.

You May Have Lower Closing Costs
According to the Department of Veterans Affairs, VA loans can limit certain closing costs Veterans are required to pay. That means less money out of pocket when it’s time to close.

Combined with little to no down payment, this can make homeownership much more achievable for Long Island Veterans and military families.

Your Monthly PMI Costs Could Be $0
Unlike many conventional loan options, VA loans typically don’t require private mortgage insurance (PMI), even with low or no down payment.

That could save homeowners hundreds of dollars each month. Over time, those savings add up and can make a meaningful difference in your monthly budget.

Your BAH & BAS May Help You Qualify For More
If you’re active duty or a qualifying reservist, your Basic Allowance for Housing (BAH) and Basic Allowance for Subsistence (BAS) may count toward your income qualification for a VA loan.

That means you could qualify for more purchasing power than you originally thought, especially in competitive Long Island markets.

Bottom Line
VA home loans continue to help Veterans and military families achieve homeownership, even in markets like Long Island where affordability can feel challenging.

If you’re active duty, a Veteran, or know someone who has served, connecting with a trusted local lender can help you better understand your options and determine what benefits may be available to you.

You may be closer to owning a home on Long Island than you realize.