Can I use my VA loan benefit more than once?

Yes. The VA loan benefit is reusable. You can use it multiple times throughout your life as long as you've paid off previous VA loans or have remaining entitlement. Many veterans use it to buy a second home after selling the first.

Do VA loans require a down payment?

No. VA loans require zero down payment for eligible veterans, active-duty service members, and qualifying surviving spouses. This is one of the few loan programs that genuinely offers 100% financing.

Is the VA funding fee required?

Most borrowers pay a VA funding fee, which replaces mortgage insurance and keeps the program running. However, veterans with a service-connected disability rating of 10% or higher are exempt from the funding fee entirely.

Are VA loans harder to get approved for?

Not necessarily. VA loans often have more flexible credit requirements than conventional loans. The main difference is that the home must pass a VA appraisal, which holds the property to minimum property requirements — a feature that actually protects you.

5 VA Loan Myths That Are Costing Veterans Money | Aaron Jensen

If you’ve earned the VA home loan benefit through your military service, you have access to one of the most powerful mortgage tools in existence. Zero down payment. No private mortgage insurance. Competitive interest rates.

And yet, a lot of veterans either don’t use it or use it wrong — usually because of myths they’ve heard from well-meaning friends, other veterans, or even real estate agents who don’t deal with VA loans often enough to know the facts.

Here are the five I hear most often.

Myth #1: “VA loans are only for your first home”

False. The VA loan benefit is reusable.

You can use it to buy your first home, sell that home, buy your next home with VA financing again, and so on. As long as you’ve paid off the previous VA loan (or, in some cases, even if you haven’t), you may have full or remaining entitlement to use.

There’s also a concept called bonus entitlement that allows veterans in high-cost areas to finance homes above the standard limit without a down payment. The rules are a little nuanced, but the bottom line: don’t assume you can only use this once.

Myth #2: “VA loans take forever and sellers won’t accept them”

This is outdated information that keeps circulating.

In 2024, VA loan closing timelines are comparable to conventional loans — typically 30 to 45 days. Yes, there was a period years ago where VA loans moved more slowly, but underwriting processes have improved dramatically.

As for sellers not accepting VA offers: it does happen, but it’s less common than people think, and it often has nothing to do with the loan type. It’s usually because agents haven’t educated their seller clients. A well-written offer with an experienced VA lender backing it closes just like anything else.

When I represent a VA buyer, I’ll often have a conversation with the listing agent upfront to put their mind at ease. It works.

Myth #3: “I have to pay mortgage insurance with a VA loan”

No. This is one of the biggest financial advantages of the VA loan.

With a conventional loan, if you put less than 20% down, you pay PMI — private mortgage insurance — every month until you’ve built up enough equity. On a $300,000 loan, that’s often $150–$300/month that builds no equity and provides no benefit to you.

VA loans don’t have PMI. Period.

They do have a VA funding fee — a one-time cost that helps keep the program running for future veterans. The fee varies based on your down payment and whether it’s your first use of the benefit, but it’s typically 2.15% of the loan amount for first-time use with no down payment.

Importantly: veterans with a service-connected disability rating of 10% or higher are exempt from the funding fee entirely. If you have a disability rating and don’t know whether you’re exempt, that’s the first question to ask your lender.

Myth #4: “VA loans have higher interest rates”

Historically, VA loans have actually carried lower average interest rates than conventional loans. This is because the VA guarantee reduces the lender’s risk, and lenders pass some of that savings on to borrowers.

Your specific rate will depend on your credit score, the market, and the lender you choose — but the idea that VA loans come with a rate penalty is simply not true.

Myth #5: “The home has to be in perfect condition to qualify”

This one is partially true, but widely misunderstood.

The VA does require a home to meet Minimum Property Requirements (MPRs) — basic standards around safety, structural soundness, and sanitation. Things like working heat, no active roof leaks, no exposed wiring. Reasonable stuff.

But this isn’t the VA being picky — it’s the VA protecting you. They want to make sure you’re not buying a money pit. Many of the things that fail a VA appraisal are things you’d want to know about anyway.

Cosmetic issues — dated finishes, old carpet, ugly paint — don’t affect VA eligibility. The property just needs to be safe and livable.

Bottom line

The VA home loan benefit is one of the most underutilized financial tools available to veterans. If you served and you haven’t looked into whether you qualify, it’s worth 20 minutes of your time.

I specialize in VA loans and work with veterans across 49 states. If you have questions about your entitlement, your eligibility, or how the process works, reach out or start an application — I’ll give you the full picture with no sales pressure.