Forgotten Your Password?

Need to Register?

Question Icon

2nd Va loan

I have a VA Loan in Fairfaix, VA moving to Chesapeake Va and will like to purchase another home. If we have our house rented out can we get another Va loan in the Chesapeake. by s_akerr39 from Springfield, Virginia. Feb 25th 2015 Reply


Hi, I am a local lender in Chesapeake Va The answer to your question is yes but depending on the details of your 1st va loan in certain circumstances it is allowable to have 2 va loans at the same time depending on the amount of entitlement that was used and what has been restored, please feel free to contact me directly through my profile

Feb 25th 2015
1
0

Absolutely. If you have enough VA Entitlement, you can purchase another home with no money out of pocket. If not, then you would have to put down 25% of the difference between how much entitlement you have left and the purchase price of the new home. Please feel free to call me so we can discuss this. My cell phone number is 540 645 8879

Feb 25th 2015
1
0
Jason Crigler (JasonCrigler)
#8 ranked lender in Virginia - 15 contributions

It's possible to get another VA loan but it depends on how much remaining VA entitlement you have and/or what entitlement you've had restored. I would be happy to help you check your current entitlement. Feel free to call or email me with any questions! Regards, Jason

Feb 25th 2015
1
0
Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Yes, you may be able to do just that.

Feb 25th 2015
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

VA entitlement is based on a maximum sale price of $417,000. If your current home was purchased for $200K, and if your next home will be $217K, ($200K + $217K=$417K) then you would be able to use VA again.. so long as both purchase prices are at or below $417K, you should be ok.. if not then you can still use VA but you would need to put 25% down of the difference.. Looking at the same example above, if your new home was $257K, then you would be $40K over your entitlement.. you would need to put 25% down ($40K x 25%= $10,000) to use VA.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 25th 2015
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Probably as long as you have enough remaining entitlement, which is usually the case if the new loan is large enough (but depending on how much the current one is). I'd love to help - just click my name above for contact info

Feb 25th 2015
0
0
Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Yes it is possible if there is enough entitlement left. Please give me a call. 804-519-7289. I am local.

Feb 25th 2015
0
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Yes, but it will depend on if you have some remaining VA entitlement and what the new purchase price is. If you do have some remaining entitlement, but not enough to cover the new home you would have to pay 25% of the difference from what your entitlement covers and the purchase price. Best wishes, Sean

Feb 25th 2015
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Generally speaking, most people can not have two VA loans at the same time. With that said, technically yes, it is possible, but there are a ton of variables. Contact a local VA mortgage broker, give them a full application, and let them review your personal situation for your answer. For VA loans in MN, WI, and SD - visit www.VA-IRRRL-Loan-MN.com

Feb 26th 2015
0
0
Subscribe to our news feed.