A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) and issued by private lenders, including traditional banks like Arvest. The program provides significant benefits to help veterans buy a home, including up to 100% financing, no monthly mortgage insurance and flexible repayment options.
However, despite these advantages, there's often a lack of awareness that leads to this valuable benefit being underutilized. A survey conducted in early 2026 by Researchscape showed that 30% of current and former military personnel were unsure if they qualify for a VA home loan.
While VA loans are popular, they remain underused. They make up only about 10% of all mortgages nationwide. Still, more than half of veterans with a mortgage have used a VA loan at least once.
VA loans offer great benefits, but some common myths and misunderstandings can stop veterans from exploring all their options. Here are three myths about VA loans that Arvest lenders hear the most.
Myth #1: VA loans are only available through certain lenders.
One of the biggest misconceptions is that VA loans are hard to get or only available through specialized veteran-only lenders. In fact, VA loans are a federal benefit that many traditional banks, including Arvest, offer regularly. Working with a full-service bank can provide advantages that specialty lenders often cannot match, such as local expertise, long-term relationships and a wider range of mortgage options to meet changing needs. With the stability, transparency and personal service of a traditional bank, VA loans can be an excellent way for veterans to build financial security.
Myth #2: VA loans are only for active-duty members.
Another common myth is that VA loans are only for active-duty service members. Many separated or retired service members remain eligible long after leaving military service. Over the years, they've been surprised to find they still qualify for a VA loan decades after their service ended. This lack of awareness can lead veterans to miss out on financing that might be a better fit.
Myth #3: Veterans can only get a VA loan once.
There is also confusion about how often a VA loan can be used. Many veterans believe it's a one-time benefit, but VA entitlement can often be reused, even if fully utilized before. Some borrowers may qualify to hold more than one VA loan at the same time. Understanding these details can open doors to refinancing options or new home purchases that veterans thought were not possible.
Active-duty service members face a unique challenge because of frequent relocations. Military families move about every three to four years. Some believe they must start fresh with a new lender each time, but at Arvest, we assist veterans nationwide with VA loans, even outside our four-state footprint of Arkansas, Oklahoma, Missouri and Kansas. When a service member leaves for a new assignment, we aim to support them wherever they go.
When veterans and service members know all their home loan options, including VA loans from trusted banks, they can make confident choices for their families and long-term goals. By educating and supporting those who have served, we can help make sure they use all the benefits available to them on their path to homeownership.
Reach out to an Arvest loan officer today to talk about VA loan options and learn more about the benefits, including how Arvest waives origination/lender fees.
