I thought I could only use my VA loan benefit more than once. If you’ve ever thought that, stay with me and watch the rest of this video. That’s just one of the many costly myths floating around about VA loans. In this video, I’m going to be debunking some of the most common and expensive misunderstandings about VA loans. And if you want to make smarter moves with your VA benefit, hit that like button and subscribe. And don’t forget to turn on your notifications so you don’t miss any of my future videos. Let’s clear up the confusion.

Hi, my name is Alex Ramirez and I help military families and veterans unlock the full value of their VA loan benefits.

Okay, let’s bust some myths.

Myth number one: I could only use my VA loan once.
The truth: You can reuse your VA loan benefit as many times as you’re eligible. If you’ve paid off a previous VA loan or sold the home, your entitlement can be restored and you can use it over and over again.

Let me tell you a quick story about a military veteran that I helped. He purchased his first home, a condo in California. Two years later, his employer moved his job to Arizona. He turned that condo into a rental, moved out of state, and purchased a home in Arizona with VA 100% financing. That condo is giving him positive cash flow every single month. He has two homes with VA loans.

Myth number two: You need the perfect credit score.
The truth: The VA doesn’t set any minimum credit score requirement. This is one of the things that makes the VA loan unique. No other loan has no credit score requirements, but most lenders look for a 580 to 620 minimum credit score. Flexibility varies, so make sure you work with a lender that isn't captive and can offer everything available to you. Always remember: good credit equals better rates, bad credit equals worse rates.

Myth number three: VA loans are only for small or rundown homes.
The truth: You can use it for a house, a condo, or even a multifamily property up to four units. If you can afford it and qualify, you can purchase a luxury home for well over a million dollars. If you have no active VA loans, there's essentially no limit. The lender may have a max overlay, but the VA loan itself does not have a maximum loan amount.

Myth number four: VA loans take forever to close.
The truth: With a good lender, VA loans often close just as fast as conventional ones - sometimes even faster. We regularly close VA loans in less than 20 days on a purchase.

Myth number five: VA loans don't offer good refinance options.
The truth: The VA IRRRL - the Interest Rate Reduction Refinance Loan - is one of the simplest refinance programs available. No appraisal, no inspection, no employment verification, no income docs required, and they are typically done within 14 days.

Myth number six: VA loans have higher fees than other loans.
The truth: While there's a funding fee, it can be waived for disabled veterans. And VA loans don't require PMI, which saves you thousands over time.

Bonus tip: If you're buying a home and don't yet have your VA disability rating, make sure you complete your Intent to File before you close on your home and confirm that it gets processed. That's VA Form 21-0966. You'll have a year to complete your process, and once the VA provides your initial disability rating, they'll refund the funding fee in full.

Myth number seven: You can't have two VA loans at once.
The truth: That's false. You can have more than one VA loan at a time. Depending on how much entitlement you have remaining, you can hold multiple VA loans.

Which of these surprised you the most? Drop a comment - I'd love to hear what you've experienced. Don't let bad info cost you your dream home or thousands of dollars. Watch my next videos and stay informed.

WATCH THE FULL VIDEO HERE:

https://youtu.be/4Qh7jWZ4w88?si=CxwjR-q8sVCTV0c_