VA Home Loan Myths
Sure thing! There are quite a few myths about VA home loans that trip people up. Let me break down some of the most common ones and explain the truth behind them:
Myth #1: "VA loans take forever to close."
Truth: VA loans usually close just as fast as conventional loans.
→ In many cases, VA loans close in about 30 days — similar to other types of loans. Any delays usually come from lender issues, not the VA itself.
Myth #2: "You can only use a VA loan once."
Truth: You can use a VA loan multiple times!
→ As long as you meet eligibility requirements and have remaining entitlement (or restore it), you can use a VA loan over and over again — even at the same time if certain conditions are met.
Myth #3: "VA loans are only for first-time homebuyers."
Truth: VA loans are for any eligible veteran or service member — first time or not.
→ No limit on how many times you use it, provided you qualify.
Myth #4: "VA loans don’t require a down payment, so they’re risky for lenders."
Truth: VA loans have some of the lowest foreclosure rates.
→ The VA guarantee and strict appraisal process actually make these loans less risky for lenders. Plus, no PMI (private mortgage insurance) saves buyers money.
Myth #5: "You can only buy a single-family home with a VA loan."
Truth: VA loans can be used for:
Single-family homes
Condos (VA-approved)
Multi-family homes (up to 4 units, if you live in one)
Manufactured homes (with restrictions)
New construction (some lenders offer this)
Myth #6: "VA loans have crazy fees."
Truth: There is a VA Funding Fee — but many borrowers are exempt.
→ The fee helps keep the program running and can be rolled into the loan. Veterans with service-connected disabilities often don’t have to pay it at all.
Myth #7: "Sellers won’t accept VA loans."
Truth: Sellers might think VA loans are harder — but that’s outdated info.
→ VA loans are just as strong as conventional offers. The appraisals do have extra protections for the buyer, but that’s a good thing. A good lender and real estate agent can ease seller concerns.
Myth #8: "VA loans have lower loan limits."
Truth: There are no official loan limits if you have full entitlement.
→ You can borrow as much as you qualify for based on income and credit — without a down payment in most cases.
