Many veterans and active military consider their VA home loan to be a one-time benefit. Such thoughts are shared quite often by our clients from the mortgage brokerage business. Perhaps, you have bought your house some years ago under the terms provided by this benefit, and now think that the next property can be obtained only through other channels.
Here’s some good news for you – your VA home loan benefit does not end with a single use. If you have been searching for VA home loans near me in South Carolina, this guide will help clarify your options.
We’re proud of providing our clients with a unique chance to build their fortune and buy houses thanks to this benefit. Here, you will find all the answers to your questions regarding this topic.
The Basics of the VA Mortgage Program
This is an amazing chance for veterans, who need money for buying a house or getting a certain type of real estate financing. In contrast to private lenders, the government guarantees these mortgages, so the terms are extremely favorable for you. There is no need to make a down payment, so you can save a lot of money at the early stage.
When applying for the loan at the Department of Veterans Affairs, you get guaranteed funding that allows private institutions to issue the loan to you. This is the basic principle of the benefit, but things get a little bit complicated when it comes to refinancing or moving to another place.
Is It Possible to Get Several VA Loans During Your Lifetime?
Yes, it is absolutely possible to use this benefit multiple times within your lifetime. There is no limit to the number of mortgages issued during your military career, which answers the common question, how many VA loans can you get? As your needs will constantly change due to your military life circumstances, there is an appropriate provision for such situations in the loan policy.
So, it is totally acceptable to apply for a second VA loan and obtain it. The main point here is your remaining entitlement.
Main Criteria for Getting Your Second VA Loan
To get a new mortgage, you need to show that you still have some entitlement left or get a special kind of it again.
How to Determine Your Remaining Entitlement for Buying a Second Property
Every veteran starts with full entitlement at the very beginning. As long as you buy the property and still have some entitlement left, then it is possible to use this remaining amount for buying another one. If you wonder, can you use a VA loan more than once, we can provide you with a Certificate of Eligibility report and help you calculate your available entitlement.
If the amount left does not suffice for getting a mortgage, then you should make a down payment for covering the gap.
Getting a Second VA Loan with Full Entitlement Restoration
The most common strategy for issuing a new VA loan is the one that implies getting a full entitlement once again. For example, you can sell the first home and close the mortgage completely. In this case, your entitlement will return fully.
Another approach that helps to restore your entitlement involves paying off the mortgage but keeping the property and using it for renting. If you choose this strategy, you will be able to get a special loan.
FAQs
Can I Get A Second Va Loan At The Same Time As The First One?
Yes, you can have two VA mortgages running at the same moment. This is a rather common situation, as active-duty personnel are often ordered to relocate somewhere else. In order to get both mortgages, you have to make sure that there is still a sufficient amount of your entitlement under second VA loan rules.
Is The Va Funding Fee Charged Each Time I Apply For My Va Loan?
Yes, you will pay it one more time, as each usage of this loan type involves a funding fee. If you need to use your right for buying a property multiple times, then the percentage of the fee will gradually rise. But there is one exception to this rule – veterans compensated for a disability are completely exempted from such a fee.
What Are The Loan Amount Limits In The Case Of A Second Purchase?
No matter if you have full or partial entitlement, there are no maximum amounts in the first case. All the restrictions come from the borrower’s personal finances. When using partial entitlement, there will be definite limitations depending on the particular county.
Need Help with Choosing the Optimal Financing Strategy?
Working out the nuances of partial entitlement or dealing with a VA funding fee may cause certain problems, especially when using a VA loan twice. However, our professional staff at BrickWood Mortgage always stands ready to assist you with all your questions.
Contact us now to arrange a consultation!
Paul Hankins, founder of Brickwood Mortgage, is a South Carolina native, entrepreneur, and seasoned mortgage professional with more than 23 years of experience in residential lending, real estate investment, property management, and renovation projects in South Carolina.
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