Myth: you can only have one VA loan at a time.
The Truth: You can use bonus entitlement to buy a second property and in most cases without having to put any money down. That is right, you heard me- you can have two VA loans at the same time. This is great news for lots of folks! The house that you are currently trying to purchase must be your primary residence. As for credit and such, you must have a 620 FICO score to qualify. To know if you qualify and to find out for how much you can apply online now here.