Can I Buy More Than One Home With My VA Loan?

There is a lot of misconception and confusion when it comes to VA loans. For example many people think you can only use a VA loan one time. The truth is that you can use your VA loan as many times as you like. Under special circumstances, you can even have more than one VA home loan at a time.

Regardless of your situation, in order to obtain a VA home loan benefit restoration of one's eligibility a veteran should get in contact with the VA Home loan centers. In order to get the fastest processing, you will need proof that your prior loan was paid off or you will need VA home loan centers to help you restore your eligibility.

The best proof of payoff you can get is a paid in full statement from your prior VA lender. In addition to this you can use a HUD - 1 settlement statement that has been completed in connection with property's sale, or refinancing. VA home loan centers will provide assistance and advice to help your restore your benefit.

It is possible to get a second VA loan. Most people will restore their benefit before they buy a new home or before they refinance their current home. The process to get more than 1 VA loan is similar yet slightly different that when you apply for your first VA loan. You must meet all of the eligibility requirements that you had to for the first VA and second VA homes.

One example of some of the things that are a little different are funding fees. Getting a home loan without a down payment for the first time from the VA would require a 2.15 percent funding fee, whereas the second time requires a 3.3 percent funding fee. For reservists that pay nothing it is a 2.4 percent fee the first time and a 3.3 percent one for the second time. Refinancing however entitles you to the same percentages. If you are service disabled, you may qualify for a waiver of your funding fee.

To get a VA loan, you must fill out the VA home loan application and receive funding from an approved investor. The underwriting obstacles are the same as for the first loan. This means you must provide proof of eligibility and proof of income. As was mentioned, some of the fees increase when using the benefit for a second time, but in many cases VA loans are vastly superior to having to get a home loan through a typical lender without assistance. For example, when you use a VA loan, there is no need for a down-payment or for mortgage insurance. If you get a conventional loan or an FHA loan, you will need both of these (money down and private mortgage insurance). You can even apply for a VA loan online in order to save some time in the process.


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Visit VA loans for more information and the VA loan application. P. Georgiades is the CLS for San Diego VA Home Loan Centers