Myths About VA Loans


More than 29 million veterans and service personnel are eligible for VA financing, but many don’t even fully understand these benefits.  There are several misconceptions that stop Veterans from taking advantage of this amazing loan.  Here are some of the myths (and benefits) associated with this loan:

There is no VA Zero Down Loan Limit!

There is no VA Zero Down Loan Limit! So long as you have full VA entitlement available – you do not have an existing VA Home Loan, and you qualify from an income and credit perspective, you can purchase a $2,000,000 house with zero down, the sky is the limit! This is one of the many provisions included in the Blue Water Navy Veterans Act that went into effect on January 1st, 2020.

MYTH #1:  A Veteran can only use their VA loan benefits once.  Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Myth #2 – Surviving spouses don’t qualify for VA mortgages. The VA offers a variety of benefits and services to spouses of service members who are deceased of permanently disabled including home loans.

Myth #3 – Military members deployed overseas can’t get a VA-guaranteed loan. The VA loan program is focused on helping veterans and service members purchase homes they will live in year-round as their primary residence. These aren’t for buying vacation homes or investment properties, however there are exceptions to the occupancy requirement, the most common being that a spouse can fulfill it on your behalf.

Myth #4 – VA loans cost the seller more than other loans. It’s true that the VA limits that closing costs that can be paid by a Veteran. Some lenders require that the seller pay the “non-allowable” closing costs. At Benchmark we have options that will allow the Veteran to make competitive offers that don’t require the seller to pay extra costs.

Myth #5 – VA loans take forever to close. At Benchmark, we are approved for automatic processing of VA loans.  As a result your loan can be processed and closed by us without waiting for VA’s approval of your credit application… which means a VA loan typically closes in the same amount of time as any other loan at Benchmark.

Myth #6 – VA loans are overly picky about the property. While the VA use to be much pickier about the properties they would finance, changes in the last few years have made the VA requirements very similar to the requirements on FHA and Conventional loans.

Myth #7 – VA purchase loans are not for short-sale or foreclosed real estate. Much like other loan programs, the VA looks at the condition of the properties that they are willing to finance. However, the VA requirements are very similar to the requirements on FHA and Conventional loans. 

Myth #8 – Veterans can only have one VA home loan at a time. The VA will allow for the financing of more than one property so long as the Veteran has sufficient eligibility. The formula is complex, but we are happy to help you determine whether you would qualify.

Myth #9 – VA doesn’t do Jumbo loans. In 2020, the VA removed their maximum loan limits for qualifying Veterans with full entitlement. This means that Veterans can now purchase upper-end properties with zero down payment required.

Myth #10 – The Veteran has to have perfect credit to use the VA loan. The VA loan is one of the most lenient loan programs when it comes to past credit hiccups. We would be happy to discuss your scenario with you directly to determine whether you will qualify.


To apply for a zero down VA Home Loan and find out more about whether you qualify call one of our VA Home Loan Specialists at (208) 388-0500 or apply online!
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