About 9 out of 10 VA loans are made without a down payment. Just since the turn of the century, lenders have booked some 9.3 million VA loans. VA loans now account for roughly 10% of the market. Despite all this activity, there’s a persistent myth among some realty and lending professionals that VA loans are inferior products that involve tons more paperwork than alternative choices. This limit also comes into play if you are still paying back a VA loan, paid a previous VA loan in full but still own the house, refinanced out of a VA loan into another type of mortgage and still own the house, or failed to repay the loan in full.