💵 Do VA Loans Really Have No Down Payment or PMI?
🏗️ What Is a Construction Loan and How Does It Work?
Don’t let outdated info or bad advice keep you from using your earned benefit.
Millions of veterans and service members qualify for a VA loan — yet many never use it.
Why?
👉 Because they’ve been told things that simply aren’t true.
Here are 5 of the most common VA loan myths that could be costing you serious money — and the truth that puts you back in control.
❌ Myth #1: You Can Only Use a VA Loan Once
Truth: You can use your VA loan benefit multiple times.
- If you’ve paid off or sold a previous home, you can restore your entitlement
- If you still have a VA loan, you may be able to use remaining entitlement
- Some borrowers even have two VA loans at once (with qualifying circumstances)
💡 You earned this benefit for life — not just one deal.
❌ Myth #2: VA Loans Are Only for First-Time Buyers
Truth: You can use a VA loan whether you’ve owned 1 home or 10.
There’s no “first-time buyer” requirement — and no penalty for using it more than once.
You can also use it to upgrade, downsize, relocate, or buy again after a break.
📘 If you have VA entitlement and are buying a primary residence, you can use it.
❌ Myth #3: VA Loans Are Harder to Get Approved or Close
Truth: With the right lender, VA loans are just as easy to close as any other loan.
- PRMI closes VA loans in as little as 20 days
- We use in-house VA underwriting to speed things up
- Most delays come from lenders who don’t know how to work with VA properly
💡 Sellers and agents sometimes hear this myth too — and we’re happy to educate them and advocate for your offer.
❌ Myth #4: VA Loans Have Higher Rates or More Fees
Truth: VA loans often have lower interest rates than conventional — even for buyers with average credit.
- There’s no monthly PMI
- The one-time VA funding fee can be waived (for many disabled vets)
- And it can be rolled into the loan, so you don’t pay out of pocket
In many cases, VA loans are the most affordable option available for qualified buyers.
❌ Myth #5: You Need Perfect Credit to Qualify
Truth: VA loans are known for credit flexibility.
- Minimum score is often 580–620
- Past bankruptcies, collections, or limited credit history are not automatic disqualifiers
- Manual underwriting is allowed with strong compensating factors
💡 If a bank or broker told you “no,” don’t give up — talk to a VA specialist who knows how to structure your file properly.
🏢 Why PRMI?
We help veterans and service members:
- Cut through the confusion and use their VA benefits with confidence
- Get accurate pre-approvals — even with unique income, entitlement, or credit
- Buy with no down payment, no PMI, and no stress
We honor your service by making sure your mortgage experience is just as strong.
👇 Think You’ve Been Misled About VA Loans?
Let’s set the record straight — and show you how much you could save with the right information and support.