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I already have one VA loan. I would like to purchase another home,. Do I qualify for a second VA loan?

by honna359 from San Diego, California. Apr 3rd 2018 Reply


Jayne Combs (lenderjayne@gmail.com)
#488 ranked lender in California - 3 contributions

It may be possible for you to purchase another VA loan with 100% financing. But it will depend on what your remaining eligibility would be. What was the purchase price of your original home? You would also need to move into the new home as a primary residence. So it will have to make sense to the underwriter why you are vacating one residence and moving into another.

Apr 3rd 2018
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Todd Windes (twindes)
#249 ranked lender in California - 7 contributions

It really depends on whether you have enough VA ability benefits left. It is possible. You are allowed to have more than one.

Apr 3rd 2018
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Gregg Pomeroy (G.Pomeroy)
#51 ranked lender in Connecticut - 13 contributions

Hello, it is possible. It all comes down to how much eligibility you have remaining, which is calculated by how much the first house you bought cost & where you are buying the new house (county & state). I can easily calculate what you would have remaining with some basic info. Depending on how much eligibility you have left, you may qualify for up to 100% financing on the new purchase. There are some other factors that will be considered as well but I would need more info to figure out your options. If you have any questions you are welcome to reach out to me at 203-299-2034, you can call or text that number day or night. Im available via email as well at: gpomeroy@boemortgage.com. My website is: www.thehomeloanspecialist.com

Apr 5th 2018
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