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I am a veteran. I have a home mortgage. Can I re-use my VA privileges to buy another home?

by cotacody986285 from Aragon, New Mexico. May 22nd 2017 Reply


Henry J Daniels, CMPSI, CMHS (HenryJDanielsNationalMortgage)
#2 ranked lender in Texas - 128 contributions

Yes, you may reuse your VA entitlement to purchase another home and under some circumstances, you can own two homes using both your primary and secondary entitlement. Feel Free to Call me and I'd be happy to go over your situation and see how much entitlement you need or if you need your entitlement restored I can assist with that too. (936) 228-1944

May 22nd 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Sure, you can use your VA loan benefits as many times as you want. Buy sell, buy sell, buy sell all you want. You do pay a slightly higher VA funding fee on subsequent use if you do zero down payment again. For VA loans in MN, WI, and SD, visit me at www.VAMortgageMN.com

May 22nd 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info needed.. Do you plan on keeping your exiting home? Does it have a VA loan on it now? Have you ever had a VA short sale or foreclosure? First, VA is only used for "Primary Residence",.. 2nd, is your current loan a VA loan? If so, you will have reduced entitlement remaining.. this could affect how much of a home you can purchase with zero down.. if it is not, and you have never had a VA foreclosure or short sale, then you should have full VA benefits available..I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 22nd 2017
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John Burke (jburke)
#1 ranked lender in Texas - 183 contributions

Hi Cotacody986285,Yes, you can use your VA entitlement as many times as you want. You can also have multiple VA loans out at one time provided you have enough entitlement & you can cover the payments. Here's an example of bonus entitlement. The standard VA county loan limit is $424,100 so your total entitlement in these counties will be 25% of $424,100 or $106,025. Now let's say you used your VA entitlement to buy a home for $150,000. In this case, you will have used $37,500 of your entitlement so you would have $68,525 left. $106,025 - $37,500 = your remaining entitlement of $68,525. Now multiply that by 4 and you get a loan amount of $274,100. This is the loan amount you would be eligible for without putting money down. I specialize in VA financing & would be honored to help you.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

May 22nd 2017
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