VA Loan Benefits and Myths: Everything Veterans Need to Know

Travis Erickson • August 20, 2025
Veteran couple reviewing VA home loan benefits and myths with a mortgage advisor

The VA home loan program is one of the most valuable benefits available to veterans, active-duty service members, and eligible surviving spouses. Yet, too many myths surround VA loans, causing confusion and missed opportunities. At Bonelli Financial Group, we specialize in helping military families cut through misinformation and secure fast, affordable home financing.

Fiction: You must have perfect credit and a large down payment to qualify.


Fact: VA loans were created to make homeownership more accessible. While most lenders prefer a credit score of 580 or higher, the VA itself does not require a minimum score. Even better, VA loans allow for zero down payment in most cases. This gives veterans a huge advantage compared to conventional and FHA loans.

Fiction: VA loans are just like other mortgage programs.


Fact: VA loans consistently provide unique advantages that save veterans money every month. Some of the biggest benefits include:

  • No down payment required for most borrowers
  • No monthly mortgage insurance, unlike FHA or conventional loans
  • Competitive interest rates, often lower than other loan types
  • Streamlined refinancing through the VA IRRRL program
  • Flexible credit requirements, making it easier to qualify



At Bonelli Financial Group, we’ve seen firsthand how these benefits help families buy sooner and build equity faster.

Myth #1: VA loans are only for first-time buyers

Fact: VA benefits can be used multiple times throughout your life. Whether it’s your first home or your fifth, you can restore your entitlement and purchase again.


Myth #2: VA loans take longer to close

Fact: With the right lender, VA loans often close just as quickly as conventional loans. Our team regularly closes VA loans in 30 days or less.


Myth #3: VA loans can’t be used to refinance

Fact: VA loans offer the IRRRL (Interest Rate Reduction Refinance Loan) option, which helps borrowers lower their payments with minimal paperwork.


Myth #4: VA loans have higher interest rates

Fact: VA loans usually offer some of the lowest rates on the market, saving veterans money over the life of the loan.


Myth #5: VA loans can only be used once

Fact: Veterans can use VA financing more than once, and in some cases even hold more than one VA loan at a time.

Our team at Bonelli Financial Group has helped veterans nationwide secure fast approvals, competitive interest rates, and stress-free closings. We know VA loan requirements inside and out, and we make the process simple from application to funding.


VA loans are not complicated, slow, or limited — they are one of the strongest mortgage options available today. If you’re ready to buy or refinance, don’t let myths stand in your way. Contact Bonelli Financial Group today to explore your VA loan benefits and start your path to homeownership.

Frequently Asked Questions (FAQ)

  • What credit score do I need for a VA loan?

    While the VA does not set a minimum credit score, most lenders look for 580 or higher. Bonelli Financial Group reviews applications individually, so even lower scores may qualify.

  • Can I use a VA loan more than once?

    Yes. Your VA entitlement can be restored and reused multiple times. Many veterans buy, sell, and then use their benefit again when purchasing their next home.

  • Do VA loans require a down payment?

    No. VA loans are one of the few programs that offer zero down payment financing, making them one of the most affordable mortgage options available.

  • Do VA loans require mortgage insurance?

    No. Unlike FHA or conventional loans, VA loans do not require private mortgage insurance (PMI). This can save veterans hundreds of dollars per month.

  • How fast can a VA loan close?

    With proper documentation, VA loans can close in 30 days or less, which is competitive with conventional mortgages.

  • Can I use a VA loan to buy a second home or investment property?

    VA loans are intended for primary residences only, so they cannot be used for vacation homes or investment properties.

  • Can I refinance with a VA loan?

    Yes. Veterans can use the VA IRRRL (Interest Rate Reduction Refinance Loan) to lower their rate or monthly payment with minimal paperwork.

  • Can VA loans be used for new construction?

    Yes, but not all lenders offer VA construction loans. Bonelli Financial Group can help connect veterans with approved programs for building a home.

  • What are the property requirements for a VA loan?

    Homes must meet VA property standards to ensure they are safe, sound, and sanitary. This protects both the borrower and the lender.

  • Are surviving spouses eligible for VA loans?

    Yes. Eligible surviving spouses of veterans may qualify for VA loan benefits. Our team can walk families through this process step by step.

  • Do VA loans have funding fees?

    Yes. Most VA loans include a one-time funding fee, which helps sustain the program. However, veterans with a service-connected disability are exempt from this fee.

  • Are VA loan interest rates lower than conventional loans?

    In most cases, yes. VA loans often carry some of the lowest mortgage rates available, saving veterans thousands over the life of the loan.

What's next?

VA loans are not complicated, slow, or limited.  They are one of the strongest mortgage options available today. If you’re ready to buy or refinance, don’t let myths stand in your way. Contact Bonelli Financial Group today to explore your VA loan benefits and start your path to homeownership.

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