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I currently have a va mortgage i would like to purchase a second home.

by mlwllms778 from , Ohio. Mar 1st 2015 Reply


If this will be your primary residence va may allow you to have another under certain circumstances. If it doesn't meet va requirements you may want to consider another government loan or conventional. Feel free to contact me via my profile.

Mar 2nd 2015
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Kim Lawson (kilawson)
#55 ranked lender in Ohio - 150 contributions

If it's truly a second home, you'd be looking at conventional financing with 10% down. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Mar 2nd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Not a problem but to advise you properly we need much more info.. If you're talking about a 2nd home as in "Vacation Home", then you cannot use VA for this.. VA is only for owner occupied primary residence... For this type of loan, you to go conventional and will need a minimum of 10% down, but ideally 25% will get you the best terms.. if your talking about renting out your existing home and buying another home, then you can use VA for this so long as you have enough entitlement left.. VA entitlement is based on $417K.. If your existing property was purchased for $200K, and the new home will be $217K, then you can use VA.. ($200K + $217K = $417K).. Even if the total loans for both your existing and new homes exceed $417K, you can still use VA, but you will need to put 25% down for every dollar over $417K.. If your talking about selling your existing home and purchasing a new home using VA, then it's not a problem at all.. understand that the VA funding fee is different for first time use vs. 2nd time.. 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

Mar 2nd 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Lots of details already provided by others; bottom line: it's possible if this will be your primary residence and you have sufficient remaining entitlement to qualify for another mortgage - along with the normal mortgage qualification requirements

Mar 2nd 2015
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