Top 5 VA Loan Myths (Busted!) — What Madison Area Veterans Need to Know

by John Reuter

 

 

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Top 5 VA Loan Myths (Busted!) — What Madison Area Veterans Need to Know

If you're a veteran, active-duty service member, or military family thinking about buying a home in Madison, Waunakee, or anywhere in Dane County, you've probably heard a few things about VA loans. Unfortunately, many of those things simply aren't true!

Coming from John Reuter, a retired Air Force veteran who has helped over 200 veterans buy and sell homes, we know a thing or two about what's fact and what's not. VA loans are an incredible benefit earned through service, but there's a lot of confusion around how they actually work. Today, we're busting the top 5 VA loan myths so you can buy your dream home with confidence.

Myth #1: You Can Only Use Your VA Loan Once

❌ Myth: VA loans are a one-time benefit
✅ Truth: You can use your VA loan benefit multiple times throughout your life!

Many veterans believe it's a "one-and-done" deal — but that's not true. As long as you restore your entitlement (often by selling or refinancing your previous home), you can reuse your VA loan benefit over and over. Even if you've defaulted on a previous VA loan, you may still have some entitlement left to use.

Myth #2: VA Loans Take Forever to Close

❌ Myth: VA loans are slow to process
✅ Truth: VA loans close just as quickly — or even faster — than conventional loans when you work with the right lender and Realtor®.

Many lenders in South Central Wisconsin have streamlined VA loan processes. As long as you have your paperwork ready and work with an experienced team, a VA loan can often close in 30 days or less — just like other types of mortgages.

Myth #3: You Need Perfect Credit to Qualify

❌ Myth: VA loans require excellent credit scores
✅ Truth: VA loans are more flexible than many people realize when it comes to credit.

While higher scores can help you get better terms, VA loans were designed to make homeownership more accessible for veterans — even those rebuilding their credit. Many lenders can approve VA loans with credit scores starting in the low-to-mid 600s, and sometimes even lower.

Myth #4: You Can't Buy a Nice Home with a VA Loan

❌ Myth: VA loans limit your home choices
✅ Truth: You can use a VA loan to buy a single-family home, condo, townhome, or even new construction — as long as the home meets VA's minimum property requirements.

Homes in Madison, Sun Prairie, DeForest, and Waunakee can all qualify. Your VA loan can even help you purchase in many of the area's most desirable neighborhoods.

Myth #5: VA Loans Are More Expensive Because of the Funding Fee

❌ Myth: The funding fee makes VA loans costly
✅ Truth: While VA loans include a one-time funding fee, they also offer significant savings — like no private mortgage insurance (PMI) and often lower interest rates than conventional loans.

Plus, if you have a service-connected disability, the VA funding fee may be waived entirely. Even when the fee applies, the overall cost of a VA loan is usually lower than other types of mortgages.

Frequently Asked Questions About VA Loans

Can I use my VA loan more than once?
Yes! You can reuse your benefit as long as you restore your entitlement.
How fast can a VA loan close?
With the right team, many VA loans close in 30 days or less.
Do I need a high credit score for a VA loan?
No, VA loans have more flexible credit requirements compared to conventional loans.
What types of homes qualify for VA loans?
Single-family homes, condos, townhomes, and even some new construction can qualify.
Is a VA loan more expensive than a conventional loan?
No, it's often cheaper thanks to no PMI and lower rates. Disabled veterans may even have the funding fee waived.

Ready to Take the Next Step?

As a USAF veteran who's helped over 200 veterans buy and sell homes, I specialize in guiding local heroes — including veterans, active-duty service members, and military families — through the Madison area real estate market and making the most of their VA loan benefits.

If you're thinking about buying a home, let's talk! I can connect you with trusted VA lenders, guide you through the process, and help you find the perfect home in Dane County.

Contact John Reuter, Realtor | USAF (Ret.)

Real Broker, LLC

Check out our YouTube Channel for more real estate tips and local market insights — don't forget to subscribe!

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Top 5 VA Loan Myths (Busted!) — What Madison Area Veterans Need to Know

If you're a veteran, active-duty service member, or military family thinking about buying a home in Madison, Waunakee, or anywhere in Dane County, you've probably heard a few things about VA loans. Unfortunately, many of those things simply aren't true!

Coming from John Reuter, a retired Air Force veteran who has helped over 200 veterans buy and sell homes, we know a thing or two about what's fact and what's not. VA loans are an incredible benefit earned through service, but there's a lot of confusion around how they actually work. Today, we're busting the top 5 VA loan myths so you can buy your dream home with confidence.

Myth #1: You Can Only Use Your VA Loan Once

❌ Myth: VA loans are a one-time benefit
✅ Truth: You can use your VA loan benefit multiple times throughout your life!

Many veterans believe it's a "one-and-done" deal — but that's not true. As long as you restore your entitlement (often by selling or refinancing your previous home), you can reuse your VA loan benefit over and over. Even if you've defaulted on a previous VA loan, you may still have some entitlement left to use.

Myth #2: VA Loans Take Forever to Close

❌ Myth: VA loans are slow to process
✅ Truth: VA loans close just as quickly — or even faster — than conventional loans when you work with the right lender and Realtor®.

Many lenders in South Central Wisconsin have streamlined VA loan processes. As long as you have your paperwork ready and work with an experienced team, a VA loan can often close in 30 days or less — just like other types of mortgages.

Myth #3: You Need Perfect Credit to Qualify

❌ Myth: VA loans require excellent credit scores
✅ Truth: VA loans are more flexible than many people realize when it comes to credit.

While higher scores can help you get better terms, VA loans were designed to make homeownership more accessible for veterans — even those rebuilding their credit. Many lenders can approve VA loans with credit scores starting in the low-to-mid 600s, and sometimes even lower.

Myth #4: You Can't Buy a Nice Home with a VA Loan

❌ Myth: VA loans limit your home choices
✅ Truth: You can use a VA loan to buy a single-family home, condo, townhome, or even new construction — as long as the home meets VA's minimum property requirements.

Homes in Madison, Sun Prairie, DeForest, and Waunakee can all qualify. Your VA loan can even help you purchase in many of the area's most desirable neighborhoods.

Myth #5: VA Loans Are More Expensive Because of the Funding Fee

❌ Myth: The funding fee makes VA loans costly
✅ Truth: While VA loans include a one-time funding fee, they also offer significant savings — like no private mortgage insurance (PMI) and often lower interest rates than conventional loans.

Plus, if you have a service-connected disability, the VA funding fee may be waived entirely. Even when the fee applies, the overall cost of a VA loan is usually lower than other types of mortgages.

Frequently Asked Questions About VA Loans

Can I use my VA loan more than once?
Yes! You can reuse your benefit as long as you restore your entitlement.
How fast can a VA loan close?
With the right team, many VA loans close in 30 days or less.
Do I need a high credit score for a VA loan?
No, VA loans have more flexible credit requirements compared to conventional loans.
What types of homes qualify for VA loans?
Single-family homes, condos, townhomes, and even some new construction can qualify.
Is a VA loan more expensive than a conventional loan?
No, it's often cheaper thanks to no PMI and lower rates. Disabled veterans may even have the funding fee waived.

Ready to Take the Next Step?

As a USAF veteran who's helped over 200 veterans buy and sell homes, I specialize in guiding local heroes — including veterans, active-duty service members, and military families — through the Madison area real estate market and making the most of their VA loan benefits.

If you're thinking about buying a home, let's talk! I can connect you with trusted VA lenders, guide you through the process, and help you find the perfect home in Dane County.

Contact John Reuter, Realtor | USAF (Ret.)

Real Broker, LLC

Check out our YouTube Channel for more real estate tips and local market insights — don't forget to subscribe!

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