Multiple VA Loans



Multiple VA Loans OK

Qualifying Veterans may be able to utilize their VA loan benefits more than once AND on more than one property at a time.

 

Your VA Home Loan benefit can be used over and over again.

Some Veterans believe that their VA Home Loan benefit can only be used once. For example, we frequently hear, “I am saving my VA Loan for my dream home.” Well, your dream home is the one you are buying right now! There is no limit to the number of times a qualifying Veteran can use their eligibility to purchase a primary residence.

 

Veterans can have more than one VA loan at a time.

Another common misconception is that you can only have one VA loan at a time. There are a number of situations where service men and women may be eligible to have more than one VA Home Loan at the same time.

  • Example 1) PCSing: It might be preferable to convert your current primary residence into a rental property and purchase a new home when you arrive at your next duty station. This could be possible with sufficient entitlement. The best way to find out how much VA Eligibility you may have remaining is to talk with one of our loan specialists. We can tap into the VA’s system to help you determine your “remaining entitlement” if you already have a loan. Total entitlement changes every year (usually increasing).
  • Example 2) Post-active duty: There are times when it can makes sense to have more than one VA home loan at a time;
    • Similar to the PCSing example, when moving from one city to another, you might want to hold onto your current residence and purchase a new home in your new city.
    • Maybe you’d like to convert the house you have had for a while into a second home or rental and purchase new primary residence.
  • The best way to find out how much VA Eligibility you have remaining is to talk with one of our VA Home Loan specialists. We have access to the VA’s system to help you determine your “remaining entitlement” if you already have a VA loan. Your total entitlement changes every year (usually increasing), so if you’ve investigated this option in the past you may have more buying power now.