1. VA Loans Can Only Be Used Once

❌ Myth: You can only use a VA loan one time.
✅ Truth: VA loans are reusable! As long as you have remaining entitlement, you can use a VA loan multiple times. You can also restore entitlement after paying off a VA loan.

2. VA Loans Take Too Long to Close

❌ Myth: VA loans are slower than conventional loans.
✅ Truth: VA loans typically close just as fast as conventional loans - usually within 30-45 days.

3. You Need a 20% Down Payment

❌ Myth: You must put down 20% to qualify.
✅ Truth: VA loans require no down payment, making homeownership more accessible for veterans and active-duty members.

4. VA Loans Have High Closing Costs

❌ Myth: VA loans come with excessive fees.
✅ Truth: VA loans limit closing costs, and sellers can pay up to 4% of the purchase price in concessions.

5. VA Loans Require Mortgage Insurance (PMI)

❌ Myth: You have to pay private mortgage insurance (PMI).
✅ Truth: VA loans do not require PMI, unlike conventional and FHA loans - saving you thousands over time.

6. VA Loans Can Only Be Used for One Home at a Time

❌ Myth: You can only have one VA loan at a time.
✅ Truth: You can have multiple VA loans at the same time if you have remaining entitlement.

7. VA Loans Are Only for Combat Veterans

❌ Myth: Only those who served in combat can qualify.
✅ Truth: VA loans are available to most active-duty members, veterans, National Guard, and Reserve members who meet service requirements.

8. The VA Issues the Loan

❌ Myth: The VA directly lends the money.
✅ Truth: The VA does not lend money - it guarantees loans issued by private lenders, such as banks and mortgage companies.

9. VA Appraisals Are Too Strict

❌ Myth: VA appraisals are much stricter than conventional loans.
✅ Truth: VA appraisals ensure homes meet minimum property requirements (MPRs) for safety and livability. They aren't necessarily stricter - just focused on protecting the buyer.

10. You Need a High Credit Score

❌ Myth: VA loans require excellent credit to qualify.
✅ Truth: The VA does not have a minimum credit score requirement. However, lenders often look for a 580-620+ score, but some approve lower. VA loans are more flexible than conventional loans.

11. VA Loans Are Only for Single-Family Homes

❌ Myth: You can only use a VA loan for a traditional house.
✅ Truth: VA loans can be used for condos, multi-unit properties (up to 4 units), and even new construction - as long as the property meets VA requirements.

Would you like help checking your VA loan eligibility? 😊 email us at alex@valorhf.com