Can I have more than one VA loan?
The quick answer is, you sure can.
Minneapolis, MN: VA loans can be confusing. Veterans frequently ask if they can have more than one VA mortgage loan at a time. The quick answer is yes, while the longer answers is this question usually breaks down into three categories:
- I’ve have used a VA loan in the past, can I a VA Loan again?
- I currently have a home with a VA loan, and want to sell this home, and buy another house with a VA loan.
- I have a home with a VA loan now, I DO NOT plan on selling it, and want to buy another home with a VA loan
The first two questions are easy. Yes, you can use a VA loan multiple times.
The third question becomes a bit more complicated, as it is all about the entitlement you’ve used up on your current home, and how much entitlement is still available to use on the next home.
From there, you might have enough remaining entitlement to buy another home with no down payment, or there might not be enough entitlement left, requiring you to come up with some down payment.
Finally, if the new home you are buying is more than your remaining entitlement allows, you can still use a VA loan, you just need to put down 25% of the difference of the purchase price and maximum loan amount.
The first thing you need to do is obtain your current Certificate of Eligibility to help the Lender your determine your options. When obtaining your VA Loan from lenders like Cambria Mortgage, they can usually get your certificate on your behalf without you needing to do anything.
From there, your Loan Officer can calculate all your options and let you know if you can have two or more VA Loans at the same time.
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